PARIS, July 25 (Reuters) - French spirits group Remy Cointreau (RCOP.PA) on Tuesday reported a fall in first-quarter organic sales, reflecting weaker U.S. demand, high year-ago comparables and destocking, and said it was banking on a sharp rebound in sales in the U.S. from the third quarter.
The recovery in China, which makes 35% of group sales at par with the United States, was led by all cognac brands including CLUB, VSOP, XO and Louis XIII.
During the COVID-19 pandemic, Remy Cointreau and rivals such as Pernod Ricard (PERP.PA) benefited from people drinking more expensive types of alcohol at home.
There have, however, been signs that spirits industry growth was slowing, notably in the United States, as positive effects from the pandemic fizzle out.
($1 = 0.9033 euros)Reporting by Dominique Vidalon; Editing by Varun H K and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.
Persons:
Remy Cointreau, Remy Martin, Cointreau, Louis XIII, Jefferies, Pernod Ricard, Dominique Vidalon, Varun, Stephen Coates
Organizations:
CLUB, Louis, Thomson
Locations:
U.S, China, United States, EMEA, Asia