Remy Cointreau Says It Swung to a Loss

Remy Cointreau, the maker of Remy Martin cognac and Piper-Heidsieck champagne, said Monday it swung to a loss in the fiscal full year after it incurred a one-time charge related to its leaving a distribution network.

The net loss in the 12 months through March 31 was 23 million euros ($31 million) compared with a profit of 77.8 million euros in the previous year, the company said in a statement. Revenue climbed 3.8% to 785.9 million euros ($1.1 billion).

Remy Cointreau paid a one-time charge of 241 million euros ($324.7 million) as a cost of leaving the Maxxium distribution network. Scotland-based Maxxium distributes liquor across 35 countries.

"Remy Cointreau Group will continue its value-creation strategy and the development of its major brands in principal world markets, in order to generate significant organic growth in current operating profit" the company said in a statement.

The shares traded down 2.7% to 53.62 euros in Paris close.