French spirits firm Remy Cointreau said its sales fell by nearly a third during the second quarter as coronavirus lockdowns kept consumers away from bars and restaurants.

The 32.8 percent fall in sales compared with April-June 2019, to 150.1 million euros ($169 million) was nevertheless better than what the firm was expecting.

Spirits makers and breweries have seen their sales slump as coronavirus lockdowns hit bars and restaurants, a major sales channel.

Consumers drank less during coronavirus lockdowns, hurting sales at spirits firms like Remy Cointreau
Consumers drank less during coronavirus lockdowns, hurting sales at spirits firms like Remy Cointreau AFP / Ed Jones

Sales of the flagship Remy Martin cognac brand plunged by nearly 39 percent, and by a more modest level of almost 17 percent for the larger drinks unit that includes Cointreau orange liqueur and Mount Gay rum.

Remy Cointreau said it expects earnings in the six months to September to be down by 35-40 percent from the 84.6 million euros it earned during the same period last year, which is better than its previous forecast of a drop of up to 50 percent.

"Despite low visibility, the second half of 2020/21 should see a strong recovery, buoyed by the United States and mainland China," it said.

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