Rémy Cointreau leans on savings as sales pressures weigh on outlook [Yahoo! Finance]
REMY COINTREAU UNSP/ADR (REMYY)
NASDAQ:AMEX Investor Relations:
remy-cointreau.com/en/finance/publications
Company Research
Source: Yahoo! Finance
The family-owned business has introduced a €50m ($54.1m) plan to reduce costs as sales deteriorated again across its business regions, led by the Americas, one of Rémy Cointreau's largest markets. Second-quarter group sales fell 16.1% in organic terms, the Rémy Martin Cognac brand owner reported today (25 October). The drop in Cognac sales was more pronounced at 20.7%, while other liqueurs and spirits within the portfolio decreased 4.9%. Consequently, Rémy Cointreau has adjusted its sales guidance for the 2024-25 fiscal year to a “double-digit” decline, compared with its previous outlook for a “gradual recovery over the course of the year”. “In this worsening economic environment, Rémy Cointreau remains determined to protect, as much as possible, its current operating margin (in organic terms), through continued tight cost controls and implementation of a new cost-cutting plan,” the listed company said. The France-based group said the plan will help to “offset” what it now ex
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