It’s been a week of encouraging financial results for wine and spirits companies listed on the Paris stock exchange, with a falling euro boosting sales in the Far East and North America.
French spirits group Rémy Cointreau reported a rapid growth in sales in Asia and the United States in its first-quarter results on Thursday. A favorable exchange rate had helped the company record a 36.8 percent jump in the first three months of the financial year, it said. The positive figures come a week after Rémy announced it was in exclusive talks to buy Islay single malt distillery Bruichladdich, as reported on Wine Searcher.
Sales climbed to 271.6 million euros ($333.7 million) in the three months from April through June. Asia now represents more than 60 percent of the group’s cognac sales. Rémy Cointreau said that, "Asia and the US continued to grow rapidly. Europe, where the situation was more mixed depending on the market, proved resilient and posted growth."
Rémy added that it would continue to develop higher-end brands and invest substantially in "targeted innovation," including the possible takeover of Bruichladdich.
A breakdown of the sales figures showed that cognac sales leapt by 55.2 percent to 173.8 million euros ($213.4 million), owing to strong demand in Asia and America.
Champagne house Laurent Perrier also announced its first-quarter results (April 1 to June 30, 2012). The company, which is marking its 200th anniversary this year, reported revenues of 45.5 million euros ($55.8 million), a rise of 11 percent compared with the same period in 2011. It noted that demand for its high-end wines, including its rosé and flagship cuvée Grand Siècle, was increasing. Laurent Perrier believes its sales will improve over the course of the financial year as a result of marketing activity surrounding the bicentennial celebrations.
The world’s second-largest Champagne producer, Vranken-Pommery Monopole, whose brands include Pommery and Heidsieck & Co, announced its second-quarter results on Thursday. Its sales of sparkling wine were up 7 percent after a slow start to the year and it also noted that non-European markets were faring well.
Luxury goods giant Moët Hennessy Louis Vuitton (LVMH) will release its first-quarter results next Thursday, July 26.