Remy Cointreau (WBO:RCO)

€ 63.5 1.05 (1.68%) Market Cap: 3.26 Bil Enterprise Value: 3.90 Bil PE Ratio: 20.02 PB Ratio: 1.75 GF Score: 53/100

Q1 2024 Remy Cointreau SA Corporate Sales Call Transcript

Jul 25, 2023 / 07:00AM GMT

Release Date Price: €140.05

Transcript

Operator

Hello, and welcome to the Remy Cointreau '23-'24 Q1 Sales Publication Conference Call. Please note, this call is being recorded. (Operator Instructions)

I will now hand you over to your host, Mr. Luca Marotta, CFO, to begin today's conference. Thank you.

Luca Marotta;my Cointreau SA;CFO

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Good morning, everyone. Thank you for being here with us this morning. As you have seen in the press release, Q1 sales were down minus 35% in organic terms in line with what we expected. This performance reflects, on one side, the huge base of comps that we cycled. As a reminder, Q1 last year was up plus 74% compared to Q1 '19-'20. On the other side, [some pent-up] and expected headwinds in the U.S. I will come back on it in a few seconds.

In parallel, the rest of the world generated a very strong double-digit growth driven by China, Southeast Asia, EMEA and Travel Retail. This performance is split between a negative price/mix of minus 9%, which reflects a strong negative mix linked to the underperformance of the Cognac

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