Rémy Cointreau reported on Thursday a stronger than expected decline in its current operating profit (COP) for the first half of 2019-2020, penalized by the protest movement in Hong Kong, which weighed on cognac sales and by investments to promote its brands.
By Reuters
The spirits group saw its operating profit declined by 4.7% between April and September to €138.3 million at constant exchange rates and consolidation scope.
According to a consensus reached by the company based on forecasts by 15 analysts, the market expected a contraction of 0.6% to 143.3 million euros.
For the entire 2019-2020 financial year, Rémy Cointreau says it expects stable current operating profit given the uncertain geopolitical environment.
Its medium-term objectives, including that of achieving 60% to 65% of its sales from cognac, have been maintained.
Dominique Vidalon, Matthieu Protard for the French version, edited by Henri-Pierre André
