Remy Cointreau Q2 Sales Down; Updates H1 Profit View - Quick Facts
(RTTNews) - French wine and spirits company Remy Cointreau (REMYF.PK) reported Tuesday that its second-quarter total sales declined 6.6 percent to 280.8 million euros from last year's 300.7 million euros. Sales fell 4 percent organically.
However, the second-quarter results showed a significant sequential improvement from the first quarter's sales decline of 33.2 percent.
In the second quarter, Cognac sales were down 5.3 percent from last year to 206.8 million euros. The Liqueurs & Spirits division's sales were down 13.1 percent to 66 million euros. Group Brands' sales declined 7.3 percent to 272.7 million euros.
All the major geographical regions posted declines over the period. The Americas region recorded 0.7 percent drop in sales.
For the first half, total sales were 430.8 million euros, down 17.8 percent on a reported basis and down 16.4 percent on an organic basis.
For first half, Rmy Cointreau now expects Current Operating Profit to be down 25-30 percent on an organic basis, compared with previous expectations of a 35-40 percent decline.
Despite persistent low visibility, the company confirmed that the second half of 2020/21 should continue to benefit from a strong recovery buoyed by the United States and Mainland China.
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