The Rémy Cointreau spirits group recorded a clear increase in sales in the third quarter of its staggered financial year, driven by home consumption in the United States, after a first half plagued by the health crisis, he announced on Friday. .
From September to December, turnover rose to 350 million euros, up 20.6% over one year, according to a press release.
Boosted by the United States and China
This performance was driven by sales of the Cognac division, flagship of the group, with + 27.5% over the period “thanks to a catch-up in shipments to the United States, where our brands continue to benefit from very strong demand. of home consumption “.
The group also emphasizes that the “dynamic” Sales “accelerates in China” over the quarter.
In parallel, “duty free sales remain weak” due to the drop in international travel “and the slow reopening of the on-trade channel [bars et restaurants] continues to penalize new markets (Southeast Asia, Africa and Latin America) “.
Sales of the Liqueurs and Spirits division saw less growth in the third quarter (+ 5.4%). Over nine months, global sales reached 780.9 million euros, down 4.1%. The end of 2020 enables the group’s performance to turn around after a 17.8% drop in turnover in the first half.
Rémy Cointreau “reiterates, with confidence, its annual targets for 2020/21”.
In the 4th quarter, Rémy Cointreau expects a “organic growth [hors effets de périmètre et de changes] sustained sales “, “weaker than in the 3rd, reflecting the group’s desire to control its strategic stocks”.
The company does not mention the possible consequences on its sales of the customs duties imposed since January 12 by the US administration on French cognacs, in the context of an old dispute with the EU over public aid to Airbus and Boeing .
It is still anticipating a recurring operating profit in organic growth, but estimates “now that this performance will be moderated by unfavorable currency and scope effects in the amount of eight million euros and two million euros, respectively”.
