Remy Cointreau SA said Friday that sales were slightly up in its full fiscal year, adjusted for currency effects, as strong cognac sales boosted fourth-quarter revenue.
The French drinks group said sales in the quarter ended March 31 were 229 million euros ($275.2 million), up 8.8% from a year earlier. The result brings Remy's full-year sales to EUR1.01 billion, down slightly on a reported basis but up 1.8% organically.
Analysts had expected fourth-quarter sales of EUR230 million, according to a FactSet-compiled consensus of five estimates.
Cognac sales rose 3.7% in the full year, boosted by consumption in the U.S. and mainland China, the owner of the Remy Martin brand said.
The company said that in light of the revenue results, it now expects current operating profit to rise 10% organically for the 2020-2021 fiscal year.
Regarding the 2021-2022 fiscal year that began in April, Remy said it expects a strong start, boosted by easy comparatives, shipment-phasing benefits and favorable consumption trends in the U.S.
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April 23, 2021 at 01:02PM
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Remy Cointreau sales up, strong start to the year - MarketWatch
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