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Remy Cointreau confident on profit outlook as Q3 sales beat forecasts -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Remy Cointreau S.A. logo is shown at the headquarters of Remy in Paris on January 21, 2019. REUTERS/Benoit Tessier

PARIS (Reuters). – Remy Cointreau, a French spirit group, beat its third quarter sales estimates and stated that it believed demand in Europe, China and the United States would support profit growth.

Remy cointreau forecasted strong organic growth for the 2018/2022 full-year and expressed confidence that it will outperform its premium spirit market.

Group sales rose 21% in the period Dec. 31-Dec. 31, to 440.5 million euro ($498.1 million). This beat the company consensus, which was compiled by 18 analysts and came in at 415.6 millions euros.

Sales of Remy Martin cognac, which accounts for 90% of the group’s profits, increased 19.4% to 332.7 millions euros. Also, this is higher than analyst estimates of 317.7million euros.

French firm’s fiscal year ends on March 31 and begins April 1.

($1 = 0.8843 euros)

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