Q1 2024 Remy Cointreau SA Corporate Sales Call Transcript
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.
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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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