Quarterly sales of Remy Cointreau decreased by 23.5% – Kommersant
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In the third quarter of the 2023/24 financial year, organic sales of French alcohol producer Remy Cointreau decreased by 23.5%, amounting to €334.7 million. Organic sales of cognac fell especially sharply – by 33.9%. The company publishes profit data only in semi-annual reports. The company also said it expects sales to decline by 15-20% for the 2023/24 financial year as a whole.
Despite this decline in sales, shares of Remy Cointreau rose 14.4% after the release of earnings. This is primarily due to the company’s announcement that sales in its two largest markets – the US and China – have begun to improve after previous declines. In addition, quarterly sales fell less significantly than analysts had expected. Remy Cointreau also promised to cut costs by €100 million.
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