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Remy Cointreau (RMC.DU)
- Reuters
French cognac makers rally on China's 'open attitude' to probe
Shares in Pernod Ricard and Remy Cointreau surged 3% and 6% respectively by 0800 GMT, and stayed among top performers on France's two main stock indices, CAC 40 and SBF 120 respectively. The two companies' earnings are vulnerable to losses if China opts to impose tariffs as part of an anti-dumping probe on brandy imported from the EU, a move that appeared to target France in a tit-for-tat trade dispute.
- Reuters
UPDATE 3-Chinese cognac sales drive Remy Cointreau to Q4 sales beat
Remy Cointreau's shares rose 6.8% on Friday after it reported a far smaller-than-expected fall in fourth-quarter sales, saying "significant growth" in China helped drive a surprise uptick at its cognac division. Remy, which makes over 70% of its sales from cognacs such as Remy Martin, has been grappling with difficult conditions in its two major markets, China and the United States, forcing it to cut its full-year forecast in October. Analysts had been expecting it to post a 3.4% decline in organic sales in the three months to end-March, with flat cognac sales at 0.5%.
- Reuters
Remy cautious on China despite cognac sales surge
LONDON (Reuters) -Remy Cointreau's shares pared gains on Friday as its chief financial officer Luca Marotta warned a surprise uptick in growth at its cognac division, fuelled by China, may not last given uncertainty in the world's No.2 economy. Shares in the maker of Remy Martin cognac initially rose 6.8% after it reported a far smaller than expected drop in fourth quarter sales, but were flat by 0950 GMT. Remy attributed the rise to its performance in China, one of its two main markets, where marketing initiatives had helped drive sales during the Lunar New Year festivities in February.
