Remy Cointreau confident over full year after Q2 sales beat expectations
A bottle of Remy Martin XO cognac is displayed at the Remy Cointreau SA headquarters in Paris, France on Jan 21, 2019. (File photo: Reuters/Benoit Tessier)
PARIS: Remy Cointreau it was looking to the 2022/2023 full year with confidence after its sales rose by a stronger-than-expected 16.2 per cent in the second quarter, boosted by a recovery in demand for its premium cognac in China.
For the full year, Remy Cointreau said it expected another year of strong organic sales, including normalisation of consumption trends in the second half after two outstanding years.
"Taking into account the impact of phasing effects on sales trends and marketing and communication investments, the improvement in full-year current operating margin will be primarily driven by the first half," said Remy.
Sales for the three months to Sep 30 came in at 457.2 million euros (US$451.4 million), marking a like-for-like rise of 16.2 per cent which beat analysts' expectations for 14.3 per cent growth.
Cognac sales alone reached 345.9 million euros, a like-for-like rise of 15.6 per cent, which notably reflected a very strong performance in China during the Mid-Autumn Festival.
Remy Cointreau's fiscal year starts on Apr 1 and ends on Mar 31.
