Rémy Cointreau confident for the year, Q2 sales exceed expectations | Photo credits: Cointreau / Pinterest
Oct 25 (Reuters) – Rémy Cointreau said on Tuesday it looked to 2022/23 with confidence after a 16.2% rise in second-quarter sales, driven by a recovery in demand for its premium cognac in China.
For the year as a whole, Rémy Cointreau said it expected another year of “strong organic growth”, despite the normalization of consumption trends in the second half after two exceptional years.
“Given the expected phasing effects on the evolution of sales and marketing and communication expenses, the organic improvement in the current operating margin will be mainly driven by the first half,” the group said in a press release. .
Revenue for the quarter ended September 30 amounted to 457.2 million euros, an increase of 16.2% on a like-for-like basis, exceeding analysts’ expectations, which had forecast growth of 14.3 %.
Cognac sales alone reached 345.9 million euros, an increase of 15.6% on a like-for-like basis, which notably reflects a very good performance in China during the Mid-Autumn Festival.
Rémy Cointreau’s fiscal year begins on April 1 and ends on March 31. (Report Dominique Vidalon, French version Kate Entringer)