Rémy Cointreau: net income (gs) down 18.6% to E92m

(CercleFinance.com) - Rémy Cointreau has posted H1 2024-25 consolidated sales of E533.
7m, down -15.9% organically and down 16.2% as reported, including a negative currency effect of -0.3%, mainly due to the evolution of the Chinese renminbi.

Cognac division sales fell by -17.5% organically, including a -14.2% drop in volumes and a -3.3% price-mix effect. This performance mainly reflects ongoing inventory adjustments in the Americas region.

Profit from recurring operations came to E147.3m, down -17.6% organically. This reflects the sharp drop in sales, most of which was offset by a drastic reduction in costs. The operating margin before non-recurring items thus increased by +1 point to 27.6% as reported (of which -0.5 point on an organic basis).

Net income, group share was E92m, down -18.6% as reported, giving a net margin of 17.2%, down -0.5 pt as reported.

EPS, group share, amounted to E1.80, as reported, down -19.4% compared to H1 2023-24.

For 2024-25 Rémy Cointreau anticipates a -15% to -18% organic decline in sales and a current operating margin of between 21% and 22%.

The group reiterates its financial targets for 2029-30: a Gross Margin of 72% and a Current Operating Margin of 33% (based on 2019-20 exchange rates and consolidation scope).


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