PARIS, April 23 (Reuters) - Remy Cointreau said it expected organic growth of around 10% in current operating profit in the 2020/21 fiscal year, after strong demand in the United States and China for its premium cognac lifted fourth quarter sales by 15.1%.
The maker of Remy Martin cognac and Cointreau liqueur also predicted a strong start to its 2021/22 fiscal year, citing a favourable base of comparison, shipment phasing benefits and more buoyant consumer trends in the United States.
Sales for the three months to March 31 came in at 229.4 million euros ($275.9 million), marking a like-for-like rise of 15.1%, which compared with analysts’ expectations for 15.9%.
Cognac sales alone stood at 162.5 million euros - a like-for-like rise of 18.2%, which notably reflected an “excellent” performance during the Chinese New Year celebrations.
Cognac demand in the United States remained strong, albeit somewhat moderated by the group’s previously announced decision to manage its strategic inventories.
Remy Cointreau’s fiscal year starts on April 1 and ends on March 31.
$1 = 0.8315 euros Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta