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The French luxury wines and spirits group Rémy Cointreau today announced a decline in its overall half-year results, heavily impacted by the global pandemic, but is optimistic and confident about the year 2021 ahead.
Affected by the global pandemic, the Rémy Cointreau Group today unveiled global results that are down sharply, but which have remained under strict control at the marketing level and within the structure.
Owners of international brands such as Rémy Martin, Louis XIII and J.R. Brillet, Remy Cointreau posted a net profit of €65.2 million between January and September, down 23%.
The group reveals a total gross profit down 23.2% to €106.2 million. This result was unexpected by the group, which had estimated a fall of between 25 and 30%, but also by the financial experts who had estimated a lower profit of €101.1 million.
The performance of the company and its employees was at least fairly efficient, estimated at 24.7%, despite a slight drop of 1.7 points.
All political and health factors impacted the group’s overall results this year, as did many brands. Rémy Cointreau was nevertheless able to achieve net half-yearly sales of €430.8 million, but down 17.8%.
Cognac accounts for the bulk of the group’s revenue, down 25.1%. These products are sold in a large number of outlets around the world, notably in duty-free outlets accessible from airports. Air traffic and travel having been stopped for a long time, they are the main reasons for the collapse in its sales.
As a result of the general decline in its half-yearly results, the value of the group’s share fell by 1.26% to €149 on the Paris stock exchange.
However, the group remains very confident in its commercial partners and in the various markets in which it sells its products, notably the United States and mainland China: “The remarkable growth of our brands during the “Mid Autumn Festival” celebrations confirms the recovery of the Chinese market in the second quarter.” the group said.
Rémy Cointreau states that he has retained what did not work this year and has drawn lessons from it to better apprehend the year 2021 as it approaches and plans to achieve positive organic growth on its results.
In addition, the French luxury group had insisted on a net improvement in its results between the first and second quarters, particularly in the United States thanks to the e-shops of its brands offering home delivery in the midst of a health crisis where travel was strongly limited and discouraged.
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The French luxury wines and spirits group Rémy Cointreau today announced a decline in its overall half-year results, heavily impacted by the global pandemic, but is optimistic and confident about the year 2021 ahead.
Affected by the global pandemic, the Rémy Cointreau Group today unveiled global results that are down sharply, but which have remained under strict control at the marketing level and within the structure.
Owners of international brands such as Rémy Martin, Louis XIII and J.R. Brillet, Remy Cointreau posted a net profit of €65.2 million between January and September, down 23%.
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The French luxury wines and spirits group Rémy Cointreau today announced a decline in its overall half-year results, heavily impacted by the global pandemic, but is optimistic and confident about the year 2021 ahead.
Affected by the global pandemic, the Rémy Cointreau Group today unveiled global results that are down sharply, but which have remained under strict control at the marketing level and within the structure.
Owners of international brands such as Rémy Martin, Louis XIII and J.R. Brillet, Remy Cointreau posted a net profit of €65.2 million between January and September, down 23%.
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