2022-23 9M Sales

L u c a M a r o t t a , C F O

J a n u a r y 2 7 , 2 0 2 3

9M ORGANIC* SALES GROWTH

+10.1%

9M 22-23 ORGANIC

SALES GROWTH

BY REGION

9M 22-23

VALUE DEPLETIONS

BY REGION

FY GUIDANCE

CONFIRMED

  • Very good performance over the first 9M (+10.1%) on top of a high base of comparison (+38.1% over 9M 2021-22)
  • Sales down -6.0% in Q3, as expected, reflecting high base of comparison and normalization of consumption in the US (+42.9% vs. Q3 19-20)
  • Strong sell-in in China before CNY and continued recovery of Travel Retail (approx. -9% vs. Q3 19-20)
  • Strong focus on value (Price-Mix: +11.2%) in Q3; Volume down -17.2%, impacted by US sales (Cognac) and some phasing effects in L&S
  • AMERICAS: up MSD over 9M, o/w down very strong DD in Q3, due to high comps. and normalization of consumption (approx. +45% vs. Q3 19-20)
  • APAC: up very strong DD over 9M and Q3, led by strong sell-in before CNY and recovery of GTR and Rest of Asia (approx. +65% vs. Q3 19-20)
  • EMEA: up DD over 9M o/w LSD decline in Q3, due to phasing effects in W. Europe following an amazing summer (approx. +8% vs. Q3 19-20)
  • US: mid-teens decline YoY over 9M (i.e. up LSD excl. VSOP); approx. +35% vs. 9M 19/20 (i.e. approx. +70% excl. VSOP)
  • China: double-digit growth over 9M, led by CLUB, RM XO and the Whisky portfolio; up double-digit in Q3 but below expectations
  • EMEA: MSD growth over 9M, led by all sub-regions excluding Eastern Europe
  • Strong organic sales growth, underpinned by sustained investments in A&P
  • Organic COP Margin improvement driven by solid GM resilience and strict control of overheads
  • An uneven year, with H1 outpacing H2 (at sales and COP levels)

(*) All references to organic growth in this presentation correspond to sales growth at constant exchange rates and scope

2

MSD: Mid-single digit / DD: double-digit / LSD: low-single digit

3

4

Increased intensity & strength

Bold, rich, deep

5

Pour lire la suite de ce noodl, vous pouvez consulter la version originale ici.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Rémy Cointreau SA published this content on 27 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2023 06:44:09 UTC.