On-trade reopening gives Rémy Cointreau a boost

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French spirits group Rémy Cointreau has made an excellent start to the fiscal year, benefiting from the reopening of cafés and restaurants.

 

Better than before corona

Rémy Cointreau nearly doubled its turnover in the first three months of the fiscal year to 293 million euros. Sales were also a third higher than in the same period two years ago. Bars and restaurants reopened in the United States and Europe, providing a major boost. But retail sales also exceeded pre-coronal levels, driven by continued strong demand in China.

 

As for the outlook, Rémy Cointreau remains rather cautious, reports Reuters. According to chief financial officer Luca Marotta, performance in the second quarter will depend on the success of the European summer season and the impact of the highly contagious delta variant of the coronavirus.

 

Marotta expects a slowdown in growth in the second half of the financial year, partly because the basis of comparison in the first half is much more favourable. Moreover, customers will have replenished their stocks by then.