PARIS French spirits group Remy Cointreau reported a higher-than-expected rise in operating profit for its 2022/23 fiscal year and sticked to its cautious prospects for this year.
The maker of Remy Martin cognac and Cointreau liquor reiterated a prediction of flat organic sales in financial year 2023-2024, with steady profitability, to reflect weaker U.S. demand and high year-ago comparables.
For the year ended March 31, 2023, solid demand for its premium cognac in China and the United States, along with cost control, lifted operating profit by an organic 16.2% to a record 429.6 million euros ($472.90 million).
This beat expectations for a 14.4% rise in a company compiled consensus of 18 analysts.
Already reported group sales were 1.55 billion euros, marking an organic rise of 10.1%.
($1 = 0.9084 euros)
(Reporting by Dominique Vidalon; Editing by Benoit Van Overstraeten)
