WINES & SPIRITS
GRADUAL RECOVERY IN COGNAC
IN THE UNITED STATES;
CAUTIOUS MANAGEMENT OF
INVENTORY LEVELS AMONG DISTRIBUTORS
Ruinart
Revenue €2,807m -9% vs H1 2023(1)
Profit from recurring operations €777m -26% vs H1 2023
Operating margin 27.7%
(1) With comparable structure and constant exchange rates.
Ruinart
The Wines & Spirits business group saw a revenue decline (-9% organic) in the first half of 2024. Profit from recurring operations was down 26%.
Champagne was down, reflecting the ongoing normalization of post-Covid demand, but remained significantly higher than in 2019. Moreover, the beginning of the year was compared to a good first half of 2023. Hennessy cognac was held back by weak local demand in the Chinese market, while the United States saw a return to growth in sales volumes in the second quarter, in a market that remained cautious. In Provence rosé wines, Château d’Esclans stepped up its international expansion while the prestigious Minuty estate was consolidated for the first time in the accounts.