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Remy Cointreau doubles quarterly sales as bars reopen

July 20 (Reuters) - Remy Cointreau’s organic sales more than doubled in the first quarter, the French spirits group said on Tuesday, beating estimates as bars and restaurants reopened in Europe while demand remained strong in China and the United States.

The maker of Remy Martin cognac and Cointreau liqueur reported a 105% organic jump in sales to 293.1 million euros ($345.48 million) in the three months ended June 30, compared with a 68% organic growth seen in a company-compiled poll of 22 analysts.

This marked a strong recovery from a 33% organic fall in the same period last year, when sales were hit hard by the closures in travel and hospitality industries.

The organic sales were also 36.5% higher than Remy’s first quarter in the 2019/20 fiscal year.

The Paris-based group said it expected an “excellent” first half due to the phasing of shipments and structurally more buoyant consumption trends in the United States, as well as favourable comparatives after the pandemic-hit year.

$1 = 0.8484 euros Reporting by Milla Nissi and Federico Maccioni; Editing by Sherry Jacob-Phillips

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