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


© Reuters. FILE PHOTO – Remy Martin XO cognac displayed in Remy Cointreau SA Headquarters, Paris, France. January 21st 2019. REUTERS/Benoit Tessier/File Photo

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.

Remy Cointreau, which stated that it will significantly increase its marketing spend during the second-half to help support its brands, said for the entire year it was aiming for strong growth in operating profit and sales. The company did not give a precise figure as to its guidance.

Remy Cointreau stated that it reiterated its belief in its ability outperform exceptional spirits markets for the fiscal year of 2002/022, and anticipated strong sales growth, driven largely by its performance in the first half.

It added that the current operating profit would mainly benefit from the anticipated exceptional growth in the first half.

For the period September 30-September 30, sales were 352.2 millions euros (or $409.4 million). This was an increase of 23.7% compared to analysts’ estimates for 20.8%.

Cognac sales reached 265 millions euros. This is a 26.9% increase on a similar basis. It notably reflected the strong performances in China at the Mid-Autumn Festival.

Remy cointreau’s fiscal calendar begins April 1 and ends March 31.

($1 = 0.8602 euros)

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