Salem Radio Network News Saturday, December 4, 2021

Business

Remy Q2 sales beat forecasts, eyes “exceptional” H1 profit growth

PARIS (Reuters) – Remy Cointreau said it would deliver “exceptional” current operating growth in the first half of its 2021/2022 fiscal year after its sales rose by a stronger-than-expected 23.7% in the second quarter, boosted by strong demand for its premium cognac in the United States, China and Europe.

For the full year, Remy Cointreau – which reiterated it would substantially increase marketing spending during the second half to support its brands – said it was targeting strong growth in current operating profit and sales. It did not provide a specific figure for its guidance.

“For the financial year of 2021/22, Remy Cointreau reiterates its confidence in its ability to outperform the exceptional spirits market and anticipates strong growth in sales, mainly driven by the performance in the first-half,” said the company.

“Current operating profit will mostly benefit from the expected exceptional growth of the first-half,” it added.

Sales for the three months to September 30 came in at 352.2 million euros ($409.4 million), marking a like-for-like rise of 23.7%, which beat analysts’ expectations for 20.8% growth.

Cognac sales alone reached 265 million euros, a like-for-like rise of 26.9%, which notably reflected a very strong performance in China during the Mid-Autumn Festival.

Remy Cointreau’s fiscal year starts on April 1 and ends on March 31.

($1 = 0.8602 euros)

(Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)

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