Remy Cointreau reports 4.5 percent drop in Q1 sales as Champagne sales lose their pop

PARIS (AP) — Wine and spirits group Remy Cointreau reported Thursday a 4.5 percent drop in sales in the April-June quarter as the economic crisis hurt Champagne sales and customers continued destocking.

The Paris-based distiller, which traces its origins to the founding of Remy Martin Cognac in 1724, said revenue in its fiscal first quarter fell to euro138.6 million ($195.27 million) from euro149.9 million a year earlier.

The Champagne division, which produces brands Piper-Heidsieck and Charles Heidsieck, reported a 39 percent fall in sales to euro13.6 million

Sales in its largest division, cognac, fell 4.5 percent to euro63.7 million.