Rémy Cointreau presents disappointing annual results

Rémy Cointreau presents disappointing annual results for the 2023-2024 financial year, marked by a sharp decline in its financial performance. Despite efforts to adapt and reduce costs, the Group suffered from a difficult economic environment, particularly in America and Asia. Nevertheless, Rémy Cointreau remains optimistic and anticipates a gradual recovery in its business.


On Thursday June 6, spirits group Rémy Cointreau unveiled its annual results for the 2023-2024 financial year, marked by a sharp decline in its financial performance. Despite its efforts to adapt and cut costs, the group suffered the consequences of a difficult economic environment, particularly on the American and Asian markets.


Rémy Cointreau posted sales down 19.2% on a like-for-like basis, to 1.2 billion euros. Net income fell by 37.1%, from 294 million euros in 2022-2023 to 184.8 million euros this year.


This drop was expected by analysts, given the persistent challenges in the Group’s main markets.


To address this situation, Rémy Cointreau has implemented a robust cost-saving plan, exceeding its initial target of 100 million euros to 150 million euros.


“We went through a complex year, and we reacted very quickly by adapting our cost structure,” said Éric Vallat, the group’s CEO. Despite these cuts, the company continued to invest and innovate.


Cognac still impacted


The cognac division, mainly represented by Rémy Martin, was particularly hard hit, with a 25.1% drop in sales. Indeed, the assurances given by Xi Jinping to Emmanuel Macron during his recent visit regarding the threat of higher customs duties have not allayed the concerns of Charente wine merchants and growers. They are now expressing their “very serious concerns”.



Profit from recurring operations for cognac fell by 34.4% to 265.7 million euros from 405.2 million euros last year.


In the United States, sales plummeted by almost 40%, due in part to a change in trend among African-American consumers, once fervent cognac lovers.


The liqueurs and spirits division, on the other hand, held up better, recording a drop in sales of only 4.6%.


Anticipated recovery


Rémy Cointreau maintains its ambition to become the world leader in exceptional spirits by 2030. “In a complex environment marked by limited visibility in its main markets, Rémy Cointreau anticipates a gradual recovery in its business over the course of 2024-2025,” says the group’s press release.


The first half of the year should still be affected by inventory adjustments in the Americas region, but a recovery is expected from 2025-2026. The Group is targeting average annual sales growth of “high single-digit” in organic terms.


Despite the poor results, Rémy Cointreau has also decided to maintain its dividend at a record level of 2 euros per share, with the option of payment in shares. However, cash profit or free cash flow was significantly lower than net income, amounting to just 14 million euros, resulting in an increase in net debt of 113 million euros.


Rémy Cointreau’s annual results reflect a difficult year for the Group. Nevertheless, the company remains optimistic about a gradual recovery of its business and maintains its long-term strategic objectives.


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Featured photo : © Rémy Cointreau

Picture of Hugues Reydellet
Hugues Reydellet
Hugues Reydellet is a young and passionate journalist whose favorite subjects are economy, culture, gastronomy, but also cars, and sports. With a sharp pen and an insatiable curiosity, Hugues is constantly on the lookout for new hot information to report.

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