Marie Brizard results paint a mixed global picture
Marie Brizard Wine & Spirits’ H1 2023 results reveal a 14.3% year-on-year revenue increase, but a notable decline in several international markets.
The company, whose portfolio includes brands such as Sobieski vodka, Maison Gautier Cognac and William Peel Scotch whisky, recorded a revenue of €98.8 million for the first half of this year.
France, which is Marie Brizard’s home, proved to be a driving force, with sales in the country during Q2 2023 up by 12.6% when compared to Q2 2022. The company notes that this increase was made possible by a lower out of stock rate than in Q1 2023, and price increases on its products.
International sales were also up overall, with Q2 2023’s 15.5% above those of Q2 2022. In Europe, sales were particularly strong in Italy, Spain, the Benelux nations, Lithuania (25% growth in Q2 2023) and Bulgaria (Q1 2023 revenue 50.2% above Q1 2022 revenue, and Q2 2023 revenue 25.2% above Q2 2022). This significant improvement in Bulgaria was attributed by Marie Brizard to industrial subcontracting services driving exports.
In the US, Q1 2023 saw a “sharp drop” in revenues, which Marie Brizzard blames on “inventory rundown by our local distributor and a low depletion trend following difficulties caused by the change in some routes to market in key states”. However, sales in Q2 2023 were 15.3% above those of the “sluggish” Q2 2022.
Despite these successes, certain markets proved more challenging.
The company noted that sales in the UK market “continued their downward trend”, but that new listings for brands, especially Sobieski, were still achieved.
Revenues in Scandinavia dropped by 28.2% in Q2 2023 from the record high post-pandemic bounce of Q2 2022. Sales in Poland also underwent a drop, a trend in keeping with the general market slowdown across all categories.
The decline in Asia Pacific, with revenues in Q2 6.4% down, was particularly apparent in Australia. Sales in South Korea are reportedly recovering.
A statement from the company read: “International growth remains a priority for the group’s development, even if the current economic climate enabled a buoyant second quarter performance in France, which is a more mature and concentrated market. The group continues to implement its development strategies, namely expanding strategic brands internationally, strengthening its regional brands’ local positioning, growing our agency brand business and developing our industrial services offering. The lack of visibility in the short and medium term still requires a certain degree of caution regarding the group’s annual outlook.”