The French number two in wines and spirits, Remy Cointreau, has unveiled this morning its first quarter revenues. It is well above the group’s expectations, thanks in particular to the reopening of bars and restaurants.
In the April-June period, Rémy Cointreau achieved revenues of € 293.1 million, with a 105% organic increase, driven by continued momentum in the United States and China.
For the year 2021-2022, Rémy Cointreau reiterates its confidence in its ability to outperform in the exceptional spirits sector. The group anticipates an excellent first half-year supported by a very favorable comparison base, the effects of phasing its shipments and new consumption trends that are structurally more buoyant in the United States.
With a strong advance on its 2030 strategic plan and a buoyant environment, Rémy Cointreau has decided to significantly increase its communication investments in order to increase its medium-term growth potential by developing its reputation and attractiveness.
According to Jefferies, a US investment bank, “The market expected a robust first quarter, but it came out even stronger than expected, which will likely put downward pressure on sales forecasts for the year, which are in the order of +10% with stable margins (the consensus is for 18.8% growth in the current operating margin)“.
Featured picture : © Marius W.Hansen