After a slump in business in the spring, the French spirits group Remy Cointreau is counting on a recovery in demand over the course of the year.
The board expects consumption to normalize in the US and “strong growth” in the rest of the world, led by China, the supplier of brands including Cointreau, Metaxa, Mount Gay and Remy Martin announced on Tuesday. In the first quarter of the 2023/24 financial year, sales collapsed by 35 percent to 257.5 million euros. The cognac division alone posted a decline of around 45 percent. During the pandemic, Remy Cointreau and competitors like Pernod Ricard benefited from people indulging in expensive liquor at home.
At EURONEXT Paris, Remy Cointreau shares temporarily rose by 3.71 percent to EUR 150.95.
Paris (Reuters)
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