Rémy Cointreau’s sales plunged by 23% in 2023. This underperformance is due to stubborn difficulties encountered by its cognac sales in the United States and China, its two key markets.
Rémy Cointreau, the liqueurs and spirits group, took a beating in its 2023-2024 offbeat annual financial year, posting a 23% decline in annual sales.
The parent company of Rémy Martin cognac, Cointreau liqueur and Mount Gay rum thus posted annual sales of 1.19 billion euros for its fiscal year ending March 31, 2024. Despite this, the French Group remains confident: it sees a respite in the near-stabilization of business in the fourth quarter, with a decline of just 0.7%, compared with 22.7% in the third.
Excluding currency effects, sales plummeted by 19%, still one point above analysts’ expectations.
Cognac revitalized in fourth quarter
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Featured Photo: © Rémy Cointreau
