Rémy Cointreau Q1 sales up by 27%
French firm Rémy Cointreau reported an organic sales increase of 27% in the first quarter of its 2022/2023 full year, with Cognac sales up by almost a third.
Rémy Cointreau posted sales of €409.9 million (US$415.7m) for the three months to June 2022. The company’s volumes rose by 12.5% over the same period.
In April, Rémy Cointreau posted a 27.3% organic sales increase for its 2021/2022 full year, driven by double-digit gains in all regions.
In its first quarter sales announcement, the French group said it had experienced an ‘excellent dynamic’ in the US and continued recovery in the Europe, the Middle East and Africa (EMEA) region. China also ‘rebounded strongly’ in June following lockdown measures during April and May.
The Cognac division increased organic sales by 31.5% in the three-month period, led by the Americas and the EMEA region.
The Rémy Martin producer noted that most regions in EMEA reported ‘strong growth’, bolstered by the ‘overperformance of high-end products’. The company said Covid-19 measures in China did not affect the division’s overall performance as sales are typically lower during the period.
The company’s liqueurs and spirits arm rose by 19.4% in organic sales during the quarter. The company noted that Cointreau liqueur and Bruichladdich Scotch whisky showed ‘good momentum’. Furthermore, The Botanist gin benefitted from its recent Super Bowl campaign, which resulted in new listings.
Cointreau experienced ‘exceptional growth’ in Europe. The brand recently revealed a new bottle design in France, which will be rolled out in Europe this summer, followed by the UK, the US and Asia.
St-Rémy brandy also recorded ‘remarkable growth’, driven by St-Rémy Signature. The brand recently revealed a new global strategy to boost consumption of St-Rémy XO and its latest release, St-Rémy Café.
For the 2022/2023 financial year, the company upgraded its sales forecast to between €90m and €100m (previously €70m-€80m) and operating profit to between €50m and €60m (previously €30m-€40m).
Earlier this week, Rémy Martin teamed up with musician Usher as part of its new Taste of Passion campaign. The initiative included the brand’s first NFT, a limited edition bottle of Rémy Martin 1738 Accord Royal.
A recent study found that the global Cognac category is growing and increasing its market share, boosted by its strong presence in the US.