FY sales down 19.2% organically; Q4 down 0.7% (Il Sole 24 Ore Radiocor) - Paris, 26 Apr - French spirits maker Remy Cointreau said that in the full year ended in March sales fell a reported 22.9% to 1.194 billion, including a negative currency effect of -3.7%, due primarily to trends in the renminbi and the US dollar.

On an organic basis, sales fell 19.2% in the year with a 25.1% drop in Cognac and a 4.6% fall in Liqueurs & Spirits.

Partner Brands sales fell an organic 6.1%. In the year, total sales were 16.2% higher than 2019/2020, before the onset of Covid-19.

In the fourth quarter alone, sales fell 0.7% from last year but were 14.3% higher than the final quarter of 2019/2020.

The company confirmed its full year guidance. It said that it expects to see a contained organic decrease in current operating profit (COP) margin thanks to deployment of a major cost-cutting plan, estimated at around 100 million euros in savings this year, including 25 million in the first half.

AAA-Sch

(RADIOCOR) 26-04-24 08:17:33 (0144) 5 NNNN