Q2 sales growth ahead of expectations
Exceptional COP growth expected in H1
Regulatory News:
Rémy Cointreau (Paris:RCO) posted sales of €645.3 million in
the first half of its fiscal year, equating to organic
growth of 52.0%1. Reported sales were up 49.8% after taking
into account positive scope effects of 0.5% (acquisitions of
Brillet and Telmont) and adverse currency effects (-2.7%).
Strong second-quarter growth (with sales up 23.7% on
an organic basis), ahead of the Group’s expectations, reflects a
continued very strong trend in China and the United States as well
as solid momentum in Europe.
After a remarkably strong start to the year, boosted by the
effects of restocking in the United States, the Cognac
division continued to enjoy particularly buoyant demand in the
second quarter (up 26.9%), with the division’s sales up 55.2%
across the first half. Sales at the Liqueurs & Spirits
division also grew strongly on an organic basis, up 46.9% in the
first half (of which an increase of 16.5% in the second
quarter).
All regions contributed to Rémy Cointreau’s excellent first-half
performance. Sales in the Americas region were up 60.2%, led
by resilient at-home consumption and a strong recovery in the
on-trade channel in the United States. The APAC region
posted growth of 49.3%, notably reflecting very strong momentum
during the Mid-Autumn Festival in China. Lastly, growth in the
EMEA2 region came in at 33.5% thanks to the reopening of the
on-trade channel and strong sales over the summer.
Breakdown of sales by division:
€m
(April-September)
H1
2021/22
H1
2020/21
Change
H1 21/22 vs. H1 20/21
Change
H1 21/22 vs. H1 19/20
Reported
Organic
Organic
Cognac
464.6
305.4
52.1%
55.2%
27.0%
Liqueurs & Spirits
164.1
112.1
46.4%
46.9%
26.9%
Subtotal: Group Brands
628.7
417.5
50.6%
52.9%
26.9%
Partner Brands
16.6
13.3
24.6%
23.6%
26.1%
Total
645.3
430.8
49.8%
52.0%
26.9%
Cognac
The Cognac division posted remarkable first-half organic
growth of 55.2%, with all regions contributing. In addition to
restocking in the United States, the Group benefited from very
strong consumption reflecting a structural acceleration in
consumption trends observed in 2020 (up-trading trends, at-home
consumption and the development of e-commerce). The Group also
posted very strong performance in China, notably during the
Mid-Autumn Festival.
The House of Rémy Martin continued to pursue a range of
initiatives to boost brand visibility and awareness. In particular,
it continued to roll out its new Team Up For Excellence campaign
featuring singer and actor Usher, launched an international
collaboration with Le Guide Michelin, celebrated 100 years of the
iconic Sidecar cocktail and ran various omnichannel brand marketing
activities in China (including a Super Brand Day on JD.com and a
number of pop-stores). Louis XIII unveiled its ultra-rare
No. XIII red decanter in Shanghai. With only 200 engraved and
numbered decanters available, the tasting experience is limited to
a selection of the world’s most exclusive nightclubs.
Liqueurs & Spirits
First-half sales at the Liqueurs & Spirits division
were up 46.9% on an organic basis, supported by strong demand. In
the United States, the House of Cointreau was hugely
popular, St-Rémy brandy posted promising results with the
launch of St-Rémy Signature and The Botanist gin proved very
popular via the on-trade channel. In China, the whisky business
continued to stand out from the crowd, buoyed by the success of
single malt scotches among the younger generations. Lastly, the
Group enjoyed very strong momentum in the EMEA region, supported by
the reopening of the on-trade channel, improved tourist business in
Europe, market share gains for Cointreau in the United
Kingdom and new listings for The Botanist gin.
Partner Brands
First-half sales of Partner Brands were up 23.6% on an
organic basis, benefitting from favourable base effects,
particularly in Europe, and good momentum in the Benelux countries
and the United Kingdom.
2021-22 outlook: increased confidence
in full-year guidance
For financial year 2021-22, Rémy Cointreau reiterates its
confidence in its ability to outperform the exceptional spirits
market and anticipates strong growth in sales, mainly driven
by performance in the first half.
Being ahead of its 2030 strategic plan and given the favourable
environment, the Group reiterates its intention to meaningfully
increase its communication spend this year, particularly in the
second half, to support its brands through the recovery and boost
their medium-term growth potential.
Consequently, Rémy Cointreau is targeting strong full-year
growth in Current Operating Profit, tempered by adverse
currency effects (between -€10 million and -€14 million) and scope
effects (around -€2 million). Current Operating Profit will mostly
benefit from the expected exceptional growth in the first half.
Appendices
First quarter 2021-22 sales (April-June
2021)
€m
Reported
21-22
Forex
21-22
Scope 21-22
Organic
21-22
Reported
20-21
Reported change
Change
Organic
A
B
C
A/C-1
B/C-1
Cognac
199.6
-12.1
0.1
211.6
98.7
102.3%
114.4%
Liqueurs & Spirits
85.3
-3.8
1.3
87.8
46.1
84.9%
90.5%
Subtotal: Group Brands
284.9
-15.9
1.4
299.5
144.8
96.8%
106.8%
Partner Brands
8.2
0
0
8.2
5.3
55.6%
55.3%
Total
293.1
-15.9
1.4
307.6
150.1
95.3%
105.0%
Second quarter 2021-22 sales
(July-September 2021)
€m
Reported
21-22
Forex
21-22
Scope 21-22
Organic
‘21-22
Reported
20-21
Reported change
Change
Organic
A
B
C
A/C-1
B/C-1
Cognac
265.0
2.8
-0.1
262.3
206.8
28.2%
26.9%
Liqueurs & Spirits
78.8
1.3
0.7
76.8
66.0
19.5%
16.5%
Subtotal: Group Brands
343.8
4.1
0.6
339.1
272.7
26.1%
24.3%
Partner Brands
8.4
0.1
0
8.3
8.1
4.3%
2.9%
Total
352.2
4.3
0.6
347.4
280.8
25.4%
23.7%
First half 2021-22 sales
(April-September 2021)
€m
Reported
21-22
Forex
21-22
Scope 21-22
Organic
21-22
Reported
20-21
Reported change
Change
Organic
A
B
C
A/C-1
B/C-1
Cognac
464.6
-9.3
0
473.9
305.4
52.1%
55.2%
Liqueurs & Spirits
164.1
-2.5
1.9
164.7
112.1
46.4%
46.9%
Subtotal: Group Brands
628.7
-11.8
2.0
638.6
417.5
50.6%
52.9%
Partner Brands
16.6
0.1
0
16.5
13.3
24.6%
23.6%
Total
645.3
-11.7
2.0
655.0
430.8
49.8%
52.0%
Definitions of alternative
performance indicators
Rémy Cointreau’s management process is based on the following
alternative performance indicators, selected for planning and
reporting purposes. The Group’s management considers that these
indicators provide users of the financial statements with useful
additional information to help them understand the Group’s
performance. These alternative performance indicators should be
considered as supplementing those included in the consolidated
financial statements and the resulting movements.
Organic sales growth
Organic growth is calculated excluding the impact of exchange
rate fluctuations, acquisitions and disposals.
The impact of exchange rates is calculated by converting sales
for the current financial year using average exchange rates from
the previous financial year.
For acquisitions in the current financial year, sales of
acquired entities are not included in organic growth calculations.
For acquisitions in the previous financial year, sales of acquired
entities are included in the previous financial year but are only
included in organic growth calculations for the current year with
effect from the anniversary date of the acquisition.
For significant disposals, data is post-application of IFRS 5
(under which sales of entities disposed of are systematically
reclassified under “Net earnings from discontinued operations” for
the current and previous financial year). This indicator serves to
focus on Group performance common to both financial years, which
local management is more directly capable of measuring.
Regulated information in connection with this press release can
be found at www.remy-cointreau.com.
___________________ 1 All references to “organic growth” in this
press release correspond to sales growth at constant currency and
scope. 2 Europe, Middle East and Africa.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211021005937/en/
Celia d’Everlange: +33 (0) 6 03 65 46 78
Remy Cointreau (EU:RCO)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Remy Cointreau (EU:RCO)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024