Remy Cointreau misses Q1 sales forecast as US, Asia woes deepen
Rewrites paragraph 1; adds industry context in paragraph 5; details on U.S. and Asian performance from paragraph 6
LONDON, July 24 (Reuters) -Remy Cointreau RCOP.PA on Wednesday reported a steeper-than-expected first quarter sales decline as its problems in the U.S. spread to its liqueurs and spirits division and its Asian operations slipped.
The maker of Remy Martin cognac and Cointreau liqueur reported a 15.6% decline in organic sales during the quarter, compared to the 13.6% drop anticipated by analysts. The company left its full-year guidance unchanged.
Remy had already warned that its first half was likely to be tough amid ongoing problems in the United States and the slowing economy in China - its two key cognac markets. Cognac makes up around 70% of Remy's sales.
However, the cognac division's 12.2% organic sales decline was well ahead of analyst expectations, but its liqueurs and spirits division saw a 20.4% organic sales fall, more than double that forecast by analysts.
All spirits makers are experiencing a sharp slowdown in sales after a post-pandemic boom, when cash-flush consumers splashed out on pricey liquor and producers raised prices.
But Remy has endured deeper problems in the United States, where demand for its cognac has slowed, retailers and wholesalers have been cutting back on its stock and competitors are offering aggressive promotions.
These trends continued to take a "heavy toll" on its cognac business, Remy said, but also hit the liqueurs and spirits division harder than they had before. The unit houses brands such as Cointreau, The Botanist gin and Bruichladdich whisky.
Remy said the unit was also hurt by a "sharp fall" in sales in Europe amid high inflation and more promotions from rivals, a downturn in demand in Southeast Asia and whisky destocking in China.
At the group level, Remy described the Chinese market as "sluggish". It had enjoyed a surprise uptick in cognac sales there in the fourth quarter of last year, but executives warned that might not last.
Its Asia Pacific sales overall were down slightly, it said.
Reporting by Emma Rumney; Editing by Varun H K and Janane Venkatraman and Miral Fahmy
Aloqador aktivlar
Eng oxirgi yangiliklar
Javobgarlikdan voz kechish: XM Group korxonalari har biri faqat ijro xizmatlarini koʻrsatadi va onlayn savdo platformamizdan foydalanish huquqini beradi, bu odamga veb-saytda yoki veb-sayt orqali mavjud boʻlgan kontentni koʻrish va/yoki undan foydalanishga ruxsat beradi hamda uni oʻzgartirishga moʻljallanmagan va uni oʻzgartirmaydi yoki kengaytirmaydi. Bunday kirish va foydalanish huquqi doimo quyidagilarga boʻysunadi: (i) Shartlar va qoidalar; (ii) Risklar haqida ogohlantirish; va (iii) Javobgarlikni toʻliq rad etish. Shuning uchun bunday kontent umumiy maʼlumot sifatida taqdim etiladi. Xususan, shuni esda tutingki, bizning onlayn savdo platformamiz mazmuni moliyaviy bozorlarda biror bitimni amalga oshirishga oid maslahat yoki taklif emas. Har qanday moliyaviy bozorda savdo qilish sizning kapitalingiz uchun jiddiy risk darajasini oʻz ichiga oladi.
Onlayn savdo platformamizda chop etilgan barcha materiallar faqat taʼlim/axborot maqsadlari uchun moʻljallangan va unda moliyaviy, investitsiya soligʻi yoki savdo maslahatlari va tavsiyalar; yoki bizning savdo narxlarimizning qaydlari; yoki har qanday moliyaviy vositalar bilan bitim tuzish maslahati yoki taklifi; yoki sizga kerak boʻlmagan moliyaviy reklama aksiyalari hisoblanmaydi
Har qanday uchinchi tomon kontenti, shuningdek XM tomonidan tayyorlangan kontent, masalan: fikrlar, yangiliklar, tadqiqotlar, tahlillar, narxlar va boshqa maʼlumotlar yoki bu veb-saytda joylashgan uchinchi tomon saytlariga havolalar umumiy bozor sharhi sifatida "boricha" taqdim etiladi va investitsiya maslahatini tashkil etmaydi. Har qanday kontent investitsiya tadqiqoti sifatida talqin qilinsa, siz bunday kontentni investitsiya tadqiqotlarining mustaqilligini ragʻbatlantirish uchun moʻljallangan qonun talablariga muvofiq moʻljallanmagan va tayyorlanmaganligini eʼtiborga olishingiz va qabul qilishingiz kerak, shuning uchun unga tegishli qonunlar va qoidalarga muvofiq marketing kommunikatsiyasi sifatida qaraladi. Mustaqil boʻlmagan investitsiya tadqiqoti va yuqoridagi maʼlumotlarga oid risk haqida ogohlantirishimizni oʻqib chiqqaningizga va tushunganingizga ishonch hosil qiling, unga bu yerdan kirish mumkin.
