Ré my Cointreau Revenue Lifted by U.S., China
October 18 2016 - 3:00AM
Dow Jones News
PARIS—Ré my Cointreau SA's second-quarter revenue topped
analysts' expectations, boosted by demand for cognac and other
spirits in the U.S. and renewed growth in China.
Revenue rose to €294.8 million ($324.78 million) in the three
months to Sept. 30 from €277.5 million in the same period last
year. On a comparable basis, revenue rose 7.4%. Analysts expected a
4.3% gain.
The drinks group, which owns Ré my Martin cognac and Cointreau
liqueur among other brands, is increasingly dependent on the U.S.
market where demand for cognac has risen steadily in recent
quarters. Sales in China, which were hit by a government crackdown
on excessive spending and gift-giving that began in 2013, also
continued to recover slowly, Ré my said.
Revenue of the company's flagship Ré my Martin cognac rose 7.7%,
topping the consensus for a 5.9% gain.
Sales growth in the U.K., Russia and Australia also helped the
company to beat expectations.
Ré my reiterated its outlook for the fiscal year ending March
2017, saying it expects to post organic growth in operating profit
for the year.
Write to Nick Kostov at Nick.Kostov@wsj.com
(END) Dow Jones Newswires
October 18, 2016 02:45 ET (06:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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