Remy Cointreau: Weak demand within the US will have an effect on gross sales within the first half – 04/28/2023 at 10:21

Archive picture of the Rémy Cointreau emblem

PARIS (Reuters) – Remy Cointreau stated on Friday that it expects its natural gross sales to be secure throughout the 2023-2024 fiscal 12 months and expects weak demand for cognac in the USA within the first half.

In a press launch, cognac maker Rémy Martin stated it anticipated a “vital drop” in gross sales quantity within the first quarter and particularly “a really sharp drop” in the USA.

A powerful rebound will observe within the second half, spurred by a pointy rebound in exercise within the US from the third quarter, provides Remy Cointreau.

Based on Credit score Suisse analysts, the full-year income goal is “properly beneath” the consensus of +6.4% and “displays administration’s warning about ‘normalization’ within the US, which has been a serious concern for traders.”

On the Paris Inventory Alternate, “Remy Cointreau” shares fell 6.9% to 177.90 euros at 08:00 GMT.

For the 2022-2023 fiscal 12 months ended March 31, the Group reaffirmed its goal of sturdy natural progress in its present working revenue (COI) after reporting better-than-expected income for the interval, with a marked pick-up in exercise in China since February following the lifting of COVID-19 restrictions. -19.

The chief government officer annuel the cognac producer s’est établi à 1.55 milliard d’euros, soit une housese organique de 10.1%, tandis que les analysts tablaient sur atmosphere 9.9%, selon a consensus compiled by the society.

(Reporting by Dominique Vidalon; Writing by Kate Entringer; Modifying by Blandin Henault)