{"id":17089,"date":"2023-06-02T04:05:17","date_gmt":"2023-06-02T08:05:17","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/remy-cointreau-profit-beat-calms-nerves-about-tough-h1\/"},"modified":"2023-06-02T04:05:18","modified_gmt":"2023-06-02T08:05:18","slug":"remy-cointreau-profit-beat-calms-nerves-about-tough-h1","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=17089","title":{"rendered":"Remy Cointreau profit beat calms nerves about tough H1"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: A bottle of Cointreau, the orange-flavoured triple sec liqueur, is displayed at the Carre Cointreau in the Cointreau distillery in Saint-Barthelemy-d’Anjou, near Angers, France, February 8, 2019. REUTERS\/Stephane Mahe<\/span>
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By Dominique Vidalon<\/p>\n

PARIS (Reuters) – French spirits group Remy Cointreau beat forecasts with record annual operating profits on Thursday, and reiterated its pledge to overcome a tough start to its new financial year, particularly in the United States.<\/p>\n

Chief Executive Eric Vallat told analysts he was confident about a second-half rebound as the company was well placed to benefit from trends such as “premiumisation, consumers drinking less but better, and at home mixology (cocktail making)”.<\/p>\n

The maker of Remy Martin cognac and Cointreau liquor reiterated a forecast for flat organic sales in the 2023\/24 financial year, with steady profitability, reflecting weaker U.S. demand and high year-ago comparables.<\/p>\n

“With the normalization of consumption in the United States amplified by a high basis of comparison in the first half, and our drive to reduce inventories, we expect sales and profitability to hold steady in 2023\/24 on an organic basis,” Vallat said in a statement.<\/p>\n

By 0945 GMT, Remy Cointreau shares were flat at 143.9 euros, after rising as much as 6% in early trade after the profit beat.<\/p>\n

During the COVID-19 pandemic, Remy Cointreau and rivals such as Pernod Ricard <\/span><\/span> (EPA:) benefited from people drinking more expensive types of alcohol at home.<\/p>\n

There are, however, signs that spirits industry growth is slowing, notably in the United States, as positive effects from the pandemic fizzle out.<\/p>\n

In the United States, where Remy Cointreau raised prices in April, its brands also face competition from buoyant demand for tequila, Vallat said.<\/p>\n

Tequila is among the categories Remy Cointreau could be looking at for possible acquisitions “if prices normalise,” he said.<\/p>\n

Remy Cointreau expects group sales to decline strongly in the first half of 2023\/24 due to a “very strong” fall in the U.S.<\/p>\n

A steep rebound would follow in the second half in the U.S combined with a steep rise in China and the rest of the world, it said.<\/p>\n

In the first quarter alone, group sales were expected to fall by some 35% on an organic basis, before sequentially improving, Finance Chief Luca Marotta said.<\/p>\n

For the year ended March 31, 2023, solid demand for its premium cognac, along with cost controls, lifted operating profit by 16.2% on an organic basis to 429.6 million euros ($458.6 million), beating expectations for a 14.4% rise in a company-compiled consensus of 18 analysts.<\/p>\n

The company previously reported group sales were 1.54 billion euros, marking an organic rise of 10.1%.<\/p>\n

($1 = 0.9367 euros) <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: A bottle of Cointreau, the orange-flavoured triple sec liqueur, is displayed at the Carre Cointreau in the Cointreau distillery in Saint-Barthelemy-d’Anjou, near Angers, France, February 8, 2019. REUTERS\/Stephane Mahe By Dominique Vidalon PARIS (Reuters) – French spirits group Remy Cointreau beat forecasts with record annual operating profits on Thursday, and reiterated […]<\/p>\n","protected":false},"author":1,"featured_media":4388,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-17089","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nRemy Cointreau profit beat calms nerves about tough H1 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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