Nine Months 2024 Remy Cointreau SA Corporate Sales Call Transcript
Hello, and welcome to the Remy Cointreau Q3 Sales 2023-2024 Call. My name is Laura, and I will be your coordinator for today's event.
Please note, this call is being recorded. (Operator Instructions)
I will now hand you over to your host, Luca Marotta, CFO, to begin today's conference.
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Good morning, everyone. As you've seen in the press release, 9 months sales were down 22.7% and in organic terms, including a decrease of minus 23.5% in Q3. This performance has been mostly impacted by major destocking in China and Europe. In addition, start to Chinese New Year was soft but improving in January as cash pressures in trade weighs on wholesaler orders. Postponing of orders contributes to inflate the negative calendar effect of around minus 2.5 points, around EUR 10 million in value linked to the timing of the later Chinese New Year this year.
In parallel, North America showed a strong sequential improvement, partly driven by some positive phasing effect in
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