- First quarter sales decrease by 6.9% to EUR43.3m (US$46.4m)
- Near-exact reverse from 2023’s +7.2% top-line lift
- Domestic sales flat but US leaps after “dismal” Q1 a year ago
The French group’s top line in the three months to the end of March was down by just under 7% despite a steady showing in its home market. Sales in France, which accounts for almost 42% of the company’s total, came in flat (+0.5%) while ‘international’ sales were down 12.2%.
Inventory management by its customers was blamed for the performance outside of France, although William Peel “posted a strong quarter [in ‘international’] with growing revenues. Indeed, virtually all export markets displayed sales decreases – Asia Pacific was down 40.5%, again due to inventory control measures – although the US did well, soaring by 51%.
The company qualified the jump by noting a weak comparable in Q1 2023, adding that the Sobieski vodka brand led the way in the US, where “inventory at our local distributor now seems to have stabilised”.
“Looking ahead to full-year 2024, the group sees a climate of price pressure from retailers, coupled with declining consumption,” Marie Brizard said in its commentary. “It anticipates a gradual normalisation of the market in terms of inflation over the first half of 2024.”
Marie Brizard Wine & Spirits’ official Q1 results announcement.
