China is still causing headaches at Rémy Cointreau, the Paris-based spirits maker behind Rémy Martin cognac and Mount Gay rum.
Organic sales - a measure that discounts the effect of currency fluctuations and is closely watched by analysts - fell by a bigger than expected 9 per cent in the first quarter to €223.3m year on year, disappointing analysts who had expected a softer decline of around 5 per cent.
Rémy, which has been among the bigger victims of the Chinese government's crackdown on conspicuous spending by government officials, blamed the sales fall partly on the "continued caution of wholesalers in Greater China", although the group pointed out that its first quarter is traditionally a weaker period for sales.
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