Rémy Cointreau sees second-quarter sales fall 2023-24. The French wine and spirits group has been penalized by a downturn in sales in the United States. As a result, the group has severely cut its annual forecasts.
Rémy Cointreau, the wine and spirits group – owner of Rémy Martin and Louis XIII cognac, among others – saw its sales for the first half of 2023-24 fall by -22.2% organically to €636.7 million. On a reported basis, the downward trend reached -26.6%.
This underperformance is due to the normalization of consumer spending and high inventory levels in the United States.
Not all divisions are in the same boat. Cognac activities – which account for 70% of the Group’s sales – were the hardest hit, plummeting by -30.1% in organic terms in the first half.
As expected, the wines and spirits universe fared better, even returning to growth in the second quarter, with a clear acceleration in sales to +12.1% in organic terms.
Geographically, the Americas region suffered a significant sales decline of -49.9% in organic terms in the first half.
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Featured Photo: © Rémy Cointreau
