Drinking Americans in lockdown saved Rémy Cointreau from disaster

French beverage producer Rémy Cointreau suffered less from the corona crisis than expected in the first quarter of its broken fiscal year. Americans who made cocktails at home provided some relief. The French also sold the necessary spirits in China and Taiwan, just like in the United Kingdom. However, a lot of income was lost because there were hardly any international travelers and therefore hardly any drinks were sold in tax-free shops.

Rémy Cointreau’s turnover was 33.2 percent lower in April, May and June. The cognac branch, with the Rémy Martin brand as its flagship, even saw sales fall by more than 39 percent. However, the company had expected more significant declines. In addition, Rémy Cointreau has seen an improvement in sales since May. In the second half of the year, which starts at the beverage manufacturer in October, Rémy Cointreau expects a “strong recovery”.

Rémy Cointreau also adjusted his expectations for the first half year. The company now expects to achieve a 35 to 40 percent lower profit through September. The company previously assumed a decrease of 45 to 50 percent.