RÉMY COINTREAU WITH AUBREY PLAZA
2023-24 Q1 Sales
L u c a M a r o t t a , C F O
J u l y 2 5 , 2 0 2 3
Q1 ORGANIC*
SALES GROWTH
-35.0 % vs. Q1 22-23
+14.3 % vs Q1 19-20
Q1 23-24 ORGANIC
SALES GROWTH
BY REGION
Q1 23-24
VALUE DEPLETIONS
BY REGION
FY GUIDANCE
CONFIRMED
- Sales down -35.0% YoY, in line with expectations
- Sales performance impacted by exceptionally high bases of comparison LY (Q1 22-23: +74.0% vs. Q1 19-20) and short-term headwinds in the US
- Very strong growth in the rest of the world, particularly China, Southeast Asia and the EMEA region
- Price-Mix:-9.0% due to strong negative mix, linked to Cognac's underperformance compared with Liqueurs & Spirits; Volume effect (-26.0%) reflects meaningful decline in Americas
- AMERICAS: massive decline, as expected, (approx. -10% vs. Q1 19-20), impacted by high comps. and meaningful destocking, essentially for Cognac
APAC: very strong double-digit growth, led by China, Southeast Asia and continued GTR recovery (approx. +30% vs. Q1 19-20) - EMEA: mid-teen rise, showing a broad-based growth (> +35% vs. Q1 19-20)
- US: low single-digit decline YoY in Q1 (stable excl. VSOP); approx. +45% vs. Q1 19-20 (> +75% excl. VSOP); strong sequential improvement throughout Q1 with June back to positive
- China: very strong double-digit growth in Q1 YoY, led by CLUB, Louis XIII, VSOP and XO; approx. +20% vs. Q1 19-20
- EMEA: strong double-digit growth in Q1 YoY, led by Africa-Middle East, Benelux and Eastern Europe; approx. +50% vs. Q1 19-20
- Stable sales and profitability on an organic basis
- Year of two halves (H1 < H2) both in sales and COP margin
(*) All references to organic growth in this presentation correspond to sales growth at constant exchange rates and scope | 2 |
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Rémy Cointreau SA published this content on 25 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 July 2023 05:37:11 UTC.
