Rémy Cointreau has reported sales of €218.6 million in the first quarter of its 2016/17 fiscal year, down -2.1% on a reported basis but steady in organic terms.
The company’s Travel Retail division performance remained “weak”. Although it returned to growth in Q1, this was largely due to the performance of partner brands, the company said.
Rémy Cointreau said the overall performance was in line with its expectations and follows organic growth of +10% in Q4 2015/16 fiscal year.
“Quarterly volatility in sales has masked a further uplift in end demand for our products in both volume and value terms over the past few months,” the company stated.
“Geographically, the Americas region once again had a very good first quarter, buoyed by Cognac, while the Europe, Middle East and Africa (EMEA) region enjoyed growth driven by its emerging markets. Although depletions in the Asia Pacific region continued to accelerate (especially in value terms), revenues dipped as expected in the first quarter.”
The company also noted that the first quarter did not traditionally make a significant contribution to annual sales.
Rémy Cointreau also confirmed its guidance of growth in current operating profit over the 2016/17 fiscal year, assuming constant exchange rates and consolidation scope.
