The maker of Remy Martin cognac and Cointreau liquor also reported third quarter sales that were largely in line with expectations and held its full-year guidance, though said its annual sales would be at the lower end of its 15% to 20% range. Inventory levels remained little changed right now but would normalise some time in the next financial year, chief financial officer Luca Marotta said. In China, "sharp destocking" ahead of Chinese New Year in February was temporary, Marotta said, with inventories expected to be at a healthy level after the celebration.
PARIS, January 26, 2024--Regulatory News: Rémy Cointreau (Paris:RCO) generated consolidated sales of €956.6 million in the first nine months of 2023-2024, down -22.7% on an organic basis2 (+16.7% compared to the first nine months of 2019-20). On a reported basis, the decline was -26.7%, including a negative currency effect of -4.0%, due primarily to the renminbi and the US dollar. This performance includes a -23.5% decrease on an organic basis in the third quarter of 2023-2024, representing a +9
Remy Cointreau's balance sheet is strong enough to make a more than $1 billion acquisition without seeking additional resources, company executives said on Thursday. While the company's short-term focus remains on organic growth, Remy would also consider M&A opportunities including tequila and champagne brands, Chief Executive Eric Vallat said after the company reported a 43% drop in first-half operating profit. Chief Financial Officer Luca Marotta said that while bigger, transformative deals could require the company to seek additional resources, it could still make a hefty purchase based on the strength of its current balance sheet.