PARIS (Reuters) -Remy Cointreau on Friday gave higher-than-expected operating growth guidance for its 2020/21 fiscal year and was upbeat over prospects for this year, after rebounding demand for its premium cognac in China and the United States lifted sales at the French drinks group. In China - which accounts for around 25% of Remy Cointreau's group profit - sales scored triple-digit growth in January to March compared with a year earlier when the economy was locked down due to the coronavirus. In the United States, Remy Cointreau is benefiting from a "new paradigm" of buoyant at-home consumption, a craze for cocktails, rising e-commerce sales and consumer appetite for high-end spirits, trends that would last after the COVID-19 crisis, he added.
French spirits group Remy Cointreau beat third-quarter sales forecasts on Friday and said it was confident that demand for its premium cognac in China and the United States would fuel a profit recovery this year. Finance Chief Luca Marotta told a conference call his teams were very optimistic about business prospects in China ahead of the Lunar New Year celebrations starting on Feb. 12. In the United States, where the COVID-19 crisis is boosting drinking at home, customers were increasingly turning to premium cognacs and whiskies, he said.
Remy Cointreau <RCOP.PA> said on Tuesday its first-half core profit will fall less than expected after the company posted a broader recovery in second-quarter sales, powered by robust demand for its premium cognac in the United States and China. Demand was buoyed by customers staying at home in the United States, and by a recovery in China during the country's Mid-Autumn celebrations, which partly offset a slump in travel retail sales triggered by the coronavirus outbreak. Second-quarter sales at Remy Cointreau reached 280.8 million euros ($330.75 million), down 4% at constant exchange rates and excluding the effect of acquisitions or disposals.