Rémy Contrieau has reported a 7.5% fall in turnover in the second quarter of this year as cost-conscious shoppers shun Champagne.
Turnover fell from €149.9 between April and June 2008 to €138.6m for the equivalent period this year, according to the company’s latest trading statement.
The Champagne, liqueurs and spirits brand blamed the performance on “the de-stocking noted in certain major markets”, which continued into the beginning of the quarter.
It also said Champagne sales everywhere had slowed, reflecting difficult worldwide trading conditions. Sales of Champagne dipped from €22.5m to €13.6m, representing the most significant fall within its product base.
The company played down the slump, claiming it had only modest sales expectations for the second quarter.
“This period represents less than 20% of the group’s annual sales and its contribution to profits remains very limited,” the group said in a statement.