Rémy Cointreau has posted sales of €240.2 million (US$279.5 million) in the first quarter of its 2017/18 financial year, up +9.9% in reported terms (+8% in organic terms).
First-quarter momentum was underpinned by a ‘remarkable’ performance by Rémy Martin, which posted +18.7% organic growth. The launch of travel retail-exclusive XO Cannes 2017 and The Legacy range contributed to the upturn.
Cointreau’s performance was fuelled by strong sales in the USA, Greater China and Russia.
The strong momentum of tMetaxa continued in Q1, buoyed by the success of 12 Stars in Central Europe and improved trends in travel retail, noted Rémy Cointreau. Mount Gay and St-Rémy returned to growth in the period, led by positive trends for both brands in the Americas.
Cointreau said the decline in the Liqueurs & Spirits division (-1.9% in organic terms) was down to the deconsolidation of Passoā sales from 1 December 2016.
The company’s partner brands witnessed an -18.5% decrease in sales, primarily attributable to the end of the distribution agreement for Champagne brands Piper-Heidsieck and Charles Heidsieck in the EMEA region and in travel retail, and the consolidation of Passoā sales.
“Geographically, Asia Pacific posted an excellent performance in the first quarter, with brisk business in Greater China and Singapore, as well as improvement in Japan. The Europe, Middle East & Africa (EMEA) region achieved strong growth in the quarter, driven by Africa, Russia and Central Europe, while the Americas region was faced with a particularly high basis for comparison,” the company stated.
The company also noted that the first quarter did not traditionally make a significant contribution to annual sales.
