PARIS French spirits group Remy Cointreau on Tuesday reported a well-flagged 35% fall in first quarter organic sales, reflecting weaker U.S. demand, high year-ago comparables and destocking, and said it was banking on a sharp rebound in sales in the United States from the third quarter.
The maker of Remy Martin cognac and Cointreau stuck to a forecast for flat organic sales in the full 2023/24 financial year, reflecting a sharp decline in sales in the first half followed by a strong recovery in the second half.
Sales for the three months to June 30 reached 257.5 million euros ($285.1 million), marking an organic fall of 35%, which was in line with the company-compiled consensus of 17 analysts for a 35.6% fall.
($1 = 0.9033 euros)
(Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)
