Remy Cointreau expects efforts to clear out excess inventory in the U.S. to stretch into its new fiscal year amid a market slowdown, as the company seeks to pave the way for a return to sales growth.

The French maker of Remy Martin cognac said Thursday that the current fiscal year will be one of transition, before it gets back on track to hitting a longer-term goal of achieving high single-digit annual growth in sales.

R emy Cointreau, renowned for its luxury brands like Remy Martin cognac and Cointreau orange liqueur, is gearing up to tackle ongoing challenges in the U.S. market. Anticipating a continued effort to clear out excess inventory,

Remy Cointreau said it intended to boost growth in the U.S. after the drinks group reported better-than-expected fiscal operating profits, but cautioned that first half results would be hit by continued inventory adjustments in the Americas.