• Gross margin: 71.3%, up +2.6 percentage points on an organic basis (+4.0 points from 2019-20)
• Current Operating Profit (COP): 429.6 million (+16.2% on an organic basis), setting COP Margin at 27.7% (+1.4 points on an organic basis and +5.0 points compared to 2019-2020)
• EPS: 5.79, up +37.5% as reported ( 5.85 excluding non-recurring items)
• 2023-24 objectives: stable sales and profitability on an organic basis, reflecting normalization of consumption in the United States (above pre-pandemic levels) and a steep rise in China and the rest of the world.
Rémy Cointreau reported consolidated sales -23, up +10.1% on an organic basis (and +43.6% compared to full-year 2019-20). This strong showing reflects steep gains from in Price-Mix (+10.1%), in line with value-based strategy, and steady volumes
Current Operating Profit (+76.8% compared to full-year 2019-20) and +28.5% as reported. Current Operating Margin improved by +1.4 points on an organic basis to stand at 27.7% (+5.0 points from 2019-20).
Chief Executive Officer Eric Vallat commented:
"Rémy Cointreau had a record year, and we have increased our advance on achieving on the 2030 strategic roadmap. This strong showing confirms the relevance of our value-based strategy, which is underpinned by a "Drink less but better" trend. It also reflects solid gains made in achieving our four strategic priorities and the rising desirability of our brands. With the normalization of consumption in the United States amplified by high basis of comparison in the first half and our drive to reduce inventories we expect sales and profitability to hold steady in 2023-24 on an organic basis. We are heading into the new year with confidence and resolve, and we anticipate a steep second-half recovery in the United States combined with a new year of buoyant growth in the rest of the world, particularly in China."