Slides
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7 Sales down by LSD%, impacted by Austria, Spain and Czechia; strong performance in Germany and GreeceSales down mid-teens, impacted by some phasing effects and a complex environment (particularly on-trade); sell-out more resilientSales down by low DD%, impacted by competitive promotional pressure in Cognac & softer trends in L&SSales were flat, showing some good progress on VSOP in South Africa and Nigeria; imminent launch of RM VS to address specific demandHealthy levels in most areasdown HSD% YoYdown HSD% vs. Q1 19-20 excluding RussiaVery strong DD% sales growth, driven by very low base of comparison for both Cognac and L&SModest sequential improvementin value depletions from Q4 to Q1Unchanged vs Q4Close to 4mDown by HSD% YoYUp by LSD% vs. Q1 19-20 (>+45% excl. VSOP)Sales up by very strong DD%, led by CognacSales up by very strong DD%, driven by CognacSales were down by low to MSD%, impacted by toughmarket conditions (particularly for high-end segment) and by disruptions in the China DF channel (-6.5 pts at APAC level); China was up by MSD% excluding China DFDirect channels remain more dynamic (strong growth)o/w direct e-commerce > +10% in Q1Very negative impact from HK/Macau/TaiwanHealthy levelvs LY: up HSD o/w up by strong DD% in mainland Chinavs 6Y: down MSD% o/w up mid-teens in mainland ChinaRoA showed a sequential deterioration compared to Q4, impacted by Cognac (Japan, South Korea and Malaysia)while L&S improved sharply to +HSD%
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Mainland Chinawasdown by LSD%,affected by tough market conditions and disruptions in Travel Retail APAC (-4.0 pts at Cognac level)oIndirect channelshit by cash pressures which weighed on wholesalers’ confidence (sell-in) and by Louis XIII business model’s transition;directchannelsturned in a robust performance (e-commerce and Louis XIII PCDs); direct e-commerce was up > +10%, boosted by 6/18oClubcontinued to enjoy greater resilience in both sell-in and value depletions, whilehigh-end brandsperformance were more contrastedHong Kong,TaiwanandMacaureported very weak performances in both sell-in and depletionsOverall,value depletions strongly outperformed sell-in: up HSD% YoYRest of Asiawasdown by low DD%,impacted byJapan, South Korea and Malaysia:strong promotional competitive pressures and softer trends inChinese tourism 8North America: oSales up by mid-teens,boosted by a very low base of comparison and despite a modest sequential deterioration in depletions; meanwhile, theGroup pursued its destockingoQ1 US value depletions:down low DD YoY ,mostly impacted by VSOP; high-end segment outperformed (Louis XIII and XO); Illinois was particularlyweak, while California and Texas were flatoDD% sales decline,affected by strong competitive promotional pressures in most markets and weak demandoThe UKwas down strong DD%, impacted by negative phasing effects, the category’s weakness and aggressive market promotions; sell-outslightly down, outperforming sell-inoEurope 3PDwas down by strong DD% impacted by Germany and continued destocking in Czech Republic (following change of distributor) in avery soft and fiercely promotional market;AMEI & CISdown by low DD%oEMEA value depletions:down by strong DD% vs. LYUS Price-Mix: -5 pts YoY+12 ptsvs. 2019-2012m basisended June-25Latin America: triple-digit growth in sales in Q1, driven by RM VSOP and Louis XIII
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9 North America:oVery strong DD% sales growth, driven by a very low base of comparison and led by Cointreau, The Botanist and BruichladdichoCointreau’s Q1 US value depletionswereup by LSD% YoY(i.e 2x vs. Q1 19-20);The Botanist and Bruichladdichwere flat YoY (respectively+90% and+55% vs Q1 19-20)oChina:up by very strong DD%, driven by Cointreau, Bruichladdich and The Botanist; Q1 value depletions strongly positive for Cointreau, TheBotanist, and also BruichladdichoRest of Asiawas up HSD%driven by Cointreau market share gains inNew Zealandand the good momentum of Bruichladdich (mainly Octomore) inJapanoEMEA’ssaleswere up LSD%, showing a strong sequential improvement from Q4, led byall sub-regions except the UKoSequential deterioration inthe UK(Mid to HSD% decline), impacted by negative phasing effects as expected; sell-out is resilientoEurope 3PDwas up Mid to HSD% in sales;thanks toMetaxa(particularly in Germany, Greece and Poland) and some market share gains forCointreauoBenelux & Francewasup Mid to HSD%whileAMEI & CISwas up byvery strong DD%oEMEA value depletions are above sell-in: up Low to MSD% vs. LYLatin America:sales were up by very strong double digits, led by Cointreau in Puerto Rico, Mexico and BrazilUS Price-Mix: +1 pt YoY+19 ptsvs. 19-2012m basisended June-25
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Appendices
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13 (In €m)
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