Southeast Asia boosts Rémy Cointreau Q1 sales
French drinks group Rémy Cointreau saw its revenue reach €223.2 million (US$250m) in the first quarter of its 2019 fiscal year, boosted by growth in Southeast Asia, Japan and India.
The Bruichladdich owner said the results were “in line with expectations” and up 0.4% compared to the same period last year.
Rémy Cointreau saw its organic growth fall by 3% in the three months ending June 2019, but reported that “favourable currency effects” offset this decline.
The French drinks group reported that a decline in partner brand sales as a result of termination of distribution contracts in the Czech Republic, Slovakia and the US could “have an impact of €56 million (US$62m) of sales and €5 million (US$5.6m) of operating profits.
According to its latest financial results, the group’s brands saw growth of 3.3% in Q1, with House of Rémy growing by 5.5% in the three-month period due to its “high-end qualities”.
Sales from the group’s liqueurs and spirits division dropped by 2.6%, which Rémy Cointreau attributed to changes to its distribution network in Europe. The sector did report “promising growth” in the US, however.
According to the French drinks group whisky is “continuing its rapid development in Asia-Pacific and travel retail”.
The group also noted that its brands posted “excellent performance” in Southeast Asia, Japan and Africa, while the travel retail sector boosted sales of brands including The Botanist gin.
Rémy Cointreau expects that US growth “should accelerate in the coming quarters.”
Earlier this month, the drinks producer announced that Valérie Chapoulaud-Floquet will step down as CEO before the end of the year due to personal reasons.