Remy Cointreau Cuts Guidance as US Sales Keep Falling
- Remy shares are down 48% this year as US market slows
- Organic sales seen falling double-digit percentage this year
Remy and other spirits makers have suffered a slowdown in demand for premium drinks such as Cognac, particularly in the US, after sales soared during the pandemic.
Photographer: Balint Porneczi/BloombergThis article is for subscribers only.
Remy Cointreau SA slashed its annual sales guidance on weak demand in the US and China as consumers continue to cut spending.
The French Cognac maker said that organic sales will fall by a double-digit percentage this year, after previously forecasting a gradual recovery, in a statement Friday. Organic sales in the second quarter ending September fell 16.1%, worse than estimates compiled by Bloomberg.