October 18, 2019 / 5:40 AM / a month ago

Hong Kong tourism fall hits cognac sales at Remy Cointreau

FILE PHOTO: A bottle of Remy Cointreau is seen in this illustration picture, January 21, 2019. REUTERS/Regis Duvignau/Illustration/File Photo

PARIS (Reuters) - French spirits maker Remy Cointreau (RCOP.PA) said falling tourism in Hong Kong hurt cognac sales in its second quarter, as the group reported a decline in comparable revenue for the period.

The maker of Remy Martin cognac and Cointreau liqueur posted a 1.3% fall in sales to 300.7 million euros ($334.50 million) for the July to September period, down 4% at constant exchange rates and excluding the effect of acquisitions or disposals.

It had previously flagged sales would accelerate in the second quarter, after declining by 3% on a like-for-like basis in the previous three months.

The firm said cognac sales had “suffered from the fall in tourism in Hong Kong and from slower than anticipated stock replenishment by retailers in the United States.”

Reporting by Sarah White; Editing by Shri Navaratnam

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