Remy Cointreau gets a boost from China's thirst for Remy Martin
By Thomas Buckley - Jan 19th 2018, 14:16
Remy Cointreau reported third-quarter sales growth that surpassed analysts’ estimates on a surge in Remy Martin cognac shipments to meet demand from China.
Revenue from its Remy Martin unit rose 5.5% on an organic basis in the three months through December, the Paris-based distiller said in a statement Friday.
Analysts on average had expected 4.5% growth.
Total sales rose 3.2% on the same basis, beating the 3% average estimate.
Sales in China have been improving, ending a slump caused by a five-year government crackdown on corruption.
Remy Cointreau has also discontinued low-end variants of its rum and triple-sec brands to focus on products such as Louis XIII, a $2,700 blend of 1,200 cognacs aged more than 40 years.
Growth would have been even stronger if not for the high basis of comparison for last year’s quarter and the late timing of the 2018 Chinese New Year, the company said.
Adjusted for those effects, organic growth for the quarter would have been around 6%, Remy said.
Remy also confirmed its forecast for growth in full-year operating profit, excluding currency effects.©2018 Bloomberg L.P.
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