Remy Cointreau Slashes Guidance as US Sales Rebound Vanishes
Views: 3331
2023-10-27 14:21
Remy Cointreau SA cut its annual sales guidance, blaming weaker than expected US demand for its high-end spirits.

Remy Cointreau SA cut its annual sales guidance, blaming weaker than expected US demand for its high-end spirits.

The French cognac maker said it expects organic sales to fall by 15% to 20% this year. The company had previously forecast flat annual sales growth.

Remy and other spirits producers are facing a slowdown in demand for their premium drinks, particularly in the US, after sales boomed during the pandemic.

In a statement, the company said US “market conditions have deteriorated on the back of a fiercely promotional environment and a rise in interest rates that has cut distributors’ financing capacity.”

The company said a rebound in US sales previously expected in the second half of this fiscal year won’t happen until next year.

Tags conss rco fp alltop europe us northam world wwtop cos wwtopeu cons business fra industries