Q1 2021 Remy Cointreau SA Corporate Sales Call Transcript
Good day, and welcome to the Rémy Cointreau Q1 Sales '20/'21. Today's conference is being recorded. At this time, I would like to turn the conference over to Luca Marotta. Please go ahead, sir.
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Good morning, everyone. Thank you for your participation to the Rémy Cointreau conference call for its first quarter sales '20/'21, so covering the period from April to June 2020.
Today, we have 4 key messages to highlight. The first one, which is our performance during the first quarter. Clearly, obviously, the COVID-19 pandemic strongly impacted our business, as the on-trade channel was closed in most markets and we faced selective restriction of spirits sales, and we suffered collapse in the duty-free sales, along with the global airline traffic. Besides, these weak sell-out trends were amplified by some destocking actions decided by our wholesalers. As a result, our organic sales declined by 33.2% in Q1.
With that said, with this negative performance, minus 33%, and that's my
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