Rémy Cointreau’s Asian sales rebound after knock from China’s bribery crackdownComments Off on Rémy Cointreau’s Asian sales rebound after knock from China’s bribery crackdown
The company said there had been a rebound in Asia sales as well as a strong performance in Europe and the US in its fourth quarter.
Group sales reached €224.2 million (£161.6 million), a rise of 23% against a 1% dip in the third quarter. Cognac sales alone soared 38.7% in the three months to March 31.
“After a first half penalised by ongoing destocking in Asia, Rémy Martin benefited from a sales rebound over the second half of the year (15% organic) in all of the major regions and, in particular, in greater China,” the firm said.
It marks a relief for the drinks producer, which was hit hard by an anti-corruption campaign by the Chinese government that led to the ban of extravagant gifts among officials more than a year ago.
Analysts had said that the fourth quarter would be helped by the later timing of the Chinese New Year in 2015.
Rivals Diageo and Pernod Ricard have also been hit in China, but they have forecast higher sales this year.
Rémy Cointreau recorded full-year net sales of €965.1 million. It is still targeting growth in annual operating profit.