PARIS (Reuters) – French spirits group Remy Cointreau on Thursday sticked to its full year 2023/24 outlook for lower sales and profits, reiterating a rebound in sales in its key U.S. market would not take place before the next financial year.
Operating profit for the six months to Sept. 30 came at 169.1 million euros, an organic 43% fall, in line with expectations for a 43.4% decline in a company-compiled poll of 16 analysts.
The maker of Remy Martin cognac and Cointreau liqueur reiterated it expects 2023/24 full-year organic sales to fall by 15-20%, while its current operating margin would see a “contained decrease”, thanks to the roll-out of a cost-cutting plan of around 100 million euros, of which 25 million euros have already been achieved in the first-half.
(Reporting by Dominique Vidalon, Editing by Charlotte Van Campenhut)
