Organic sales for the six months to September 30 amounted to €430.8 million, down from €523.9 million during the same period in 2019.
However, first quarter sales was down by 33.2% year-on-year and Q2 sales were down just 4%, so that represents a strong sequential improvement.
That inspired Remy Cointreau to raise its full-year guidance. It previously anticipated an operating profit decline of 35% to 40% for H1, but it now expects profit to be down 25% to 30% on an organic basis.
The group pointed to a “more favourable geographic mix” and said it remains confident in its ability to emerge stronger from the crisis. It feels that the second half of the year will continue to benefit from a strong recovery, buoyed by strong sales in the United States and China.
Sales in the United States were down just 0.7% for the six months, driven by growth in Q2. Asia Pacific was down 27.4% and EMEA decreased 31.6%, despite a strong performance in the UK.
Cognac sales were down 18/1% in H1, but just 2.5% in the second quarter, thanks to the recovery in the United States and Mainland China.
Remy Cointreau said that low duty free sales and the slow reopening of the on-trade in Southeast Asia, Africa and South America hampered its overall performance.
Liqueurs and spirits were down 17% in Q1 and 11% in Q2.
