Remy Cointreau cut its sales forecasts for fiscal 2024 after sales plunged in its second quarter as Americans drink less cognac.

The Paris-based owner of Remy Martin cognac posted sales of 379.2 million euros ($400.6 million) for the three months to the end of September, down 17% in reported terms and 11% organically. Cognac sales fell to EUR261 million, down 24.5% on a reported basis and 18% organically.