France: Belvedere records decline in sales

France: Belvedere records decline in sales

French alcoholic beverage company Belvedere has reported a decline in sales in 2013. A recovery towards the end of the year was not enough to offset the weak start to 2013, according to European Supermarket Magazine (ESM).

Belvedere's turnover particularly suffered in Poland (a market which accounts for 58.7% of total sales) due to increased excise duty, down 5.8%. Sales were also down in United States and Denmark, which represent 2.8% and 0.6% of company turnover, falling 15.1% and 47.8% respectively.

Sales for the 2013 fiscal year were down by 3.9%, from €894.9 million ($1,229.8 million) the year before to €860.4 million ($1,182.4 million).

Company president Krzysztof Trylinski said that Belvedere "realised the objective of restructuring its debt" and intends "to become, from 2014 on, a leader in the wines and spirits segment in maintaining a high level of innovation."

Source: ESM