In the third quarter of its broken fiscal year, Rémy Cointreau, known for its brandy Rémy Martin, liquor Cointreau and Metaxa, nearly doubled analysts' turnover expectations.
9% autonomous growth
Third quarter turnover autonomously grew nearly 9 % to 323 million euro, even though analysts had only expected a 4.2 % increase. An early Chinese New Year (on 28 January) prompted plenty of Chinese consumers to buy brandy and liquor, boosting the company's turnover. Brandy Rémy Martin even achieved a 21 % turnover growth.
Over the first 9 months of the fiscal year, the French liqour group's turnover grew 4.7 % to 836.7 million euro. Its autonomous turnover growth reached 6 %, but negative exchange rates dampened the result 1.3 %. Brandy sales were the major contributor (+ 11.2 %), even though liquor also performed well (+ 4.1 %). Backed by these results, the group confirms its earlier full-year turnover and profit forecasts.