Remy Cointreau delivers strong first-quarter sales on China’s taste for Cognac
Paris — French spirits group Remy Cointreau delivered stronger-than-expected first-quarter sales as Chinese customers regained a taste for its premium Cognac. Solid double-digit sales growth in China largely outpaced a softer start in Remy’s top US market, which struggled when compared with a year ago when Cognac sales had been boosted by price increases, the group said on Thursday. The maker of Remy Martin Cognac and Cointreau liquor, which is accelerating a drive to sell higher-priced spirits to boost profit margins, kept its goal to grow current operating profit on a comparable basis in the current financial year. Remy Cointreau has been focusing on selling spirits priced at $50 a bottle or more, as part of a strategy that has benefited from a rebound in Chinese demand. This strategy differs from that of rival Pernod Ricard, which has launched less expensive brands in China. A fast-growing upper middle-class was driving demand in mainland China, while trends were also improving i...
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