Rémy Cointreau: cuts FY targets
(CercleFinance.com) - Rémy Cointreau has reduced its 2023-24 targets, now expecting sales to decline by -15% to -20% on an organic basis (previously flat), with a "controlled organic decline" in its underlying operating margin (previously stable).
For H1 2023-24, the spirits house's sales reached E636.7m, down 26.6% as reported and down 22.2% organically, with it pointing to a slower-than-expected recovery in the US market.
Again on an organic basis, sales for the cognac division fell by 30.1%, while the liqueurs and spirits division, which returned to growth in Q2 (+12.1%), recorded flat sales over H1 (+0.1%).
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For H1 2023-24, the spirits house's sales reached E636.7m, down 26.6% as reported and down 22.2% organically, with it pointing to a slower-than-expected recovery in the US market.
Again on an organic basis, sales for the cognac division fell by 30.1%, while the liqueurs and spirits division, which returned to growth in Q2 (+12.1%), recorded flat sales over H1 (+0.1%).
Copyright (c) 2023 CercleFinance.com. All rights reserved.