Q3 2020 Remy Cointreau SA Corporate Sales Call Transcript
Good day, and welcome to the Rémy Cointreau 9-month Sales 2019 to 2020 Conference Call.
Today's conference is being recorded.
At this time, I would like to turn the conference over to CFO, Luca Marotta. Please go ahead, sir.
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Good morning, everyone. Thank you for your participation in the Rémy Cointreau conference call for its 9-month sales '19/'20 covering the period from April to December 2019.
Clearly, this year is a challenging year for the group. Sales are down 6.5% in the 9-month period in organic terms. Some drivers of this decline are self-inflicted for the sake of the group's long-term vision and some other are external, but in any case, all are situational. The main driver of this decline, as you know, is the 67.8% decline in the Partner Brands division, which includes around EUR 45 million, EUR 44.7 million, to be precise, sales loss from the voluntary termination of distribution contracts in Czech Republic, Slovakia and the U.S.
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