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PARIS (Reuters) – Remy Cointreau said on Friday that it expects its organic sales to be stable during the 2023-2024 fiscal year and expects weak demand for cognac in the United States in the first half.
In a press release, cognac maker Rémy Martin said it expected a “significant drop” in sales volume in the first quarter and especially “a very sharp drop” in the United States.
A strong rebound will follow in the second half, spurred by a sharp rebound in activity in the US from the third quarter, adds Remy Cointreau.
According to Credit Suisse analysts, the full-year revenue target is “well below” the consensus of +6.4% and “reflects management’s caution about ‘normalization’ in the US, which has been a major concern for investors.”
On the Paris Stock Exchange, “Remy Cointreau” shares fell 6.9% to 177.90 euros at 08:00 GMT.
For the 2022-2023 fiscal year ended March 31, the Group reaffirmed its target of strong organic growth in its current operating profit (COI) after reporting better-than-expected revenue for the period, with a marked pick-up in activity in China since February following the lifting of COVID-19 restrictions. -19.
The chief executive 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 environment 9.9%, selon a consensus compiled by the society.
(Reporting by Dominique Vidalon; Writing by Kate Entringer; Editing by Blandin Henault)
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