Remy Coantro accelerated in the third quarter thanks to cognac sales, which are still very stable in China, despite the fears of slowing growth in the country.
The organic growth of Rémy Martin Cognac, the group's main profit center, has still risen 15.6% in the third quarter of the fiscal year ending March 31, 2019, after an increase of 12.2% in the previous three months. , well above analysts' expected 13.3%.
With earlier Chinese New Year this year (February 5), some supplies of cognac were expected compared to last year and had a favorable impact of about two growth points in the quarter, Group said on Tuesday in a statement.
While the slowdown in the Chinese economy, the fall in the Shanghai Stock Exchange and the Sino-American trade war have led to fears of lower appetite for Chinese upper-middle classes for luxury goods, Remy Coantro keeps pace.
The Group's total sales, which are also owned by Cointreau or Mount Gay, limited their growth to 8.7% at constant exchange rates and coverage in the third quarter (+ 8.2%), the termination of new Brand Distribution Contracts partners led to a 26.8% decline in sales associated with these contracts.
Reportedly, Remi Coantro's sales amounted to € 348 million in the third quarter, an increase of 9.5% and 919.4 million in nine months, up 6.7%. (Pascale Denis, edited by Gilles Guillaume)