PARIS (Reuters) – Remy Cointreau, a French spirits company, stated that it considered its 2022-2023 fiscal years with confidence. The group foresees a strong beginning to the business year despite a large comparison base and restrictions related to COVID in China.

The maker of Remy Martin cognac, Cointreau liquor, maintained a forecast of “very strong organic growth” in operating profits for its 2021/2022 fiscal year. It reported sales growth at 27.3% in line with expectations.

The group sales in the twelve months ended March 31st were 1.313 billion euro ($1.38 billion). This was an organic increase of 27.3%. It is in line with the company’s consensus for growth at 27.2%.

However, organic cognac sales declined 16.7% in the fourth quarter, against expectations for a decline of 15.9%.

Remy stated that the voluntary management was done by Remy of the group’s strategic inventory prior to the April 1 price hikes. Remy also spoke about the COVID-related impact of China lockdown measures. ($1 = 0.9505 euros)