FRANCE: Rémy Cointreau outperforms on small Q1 stage - analysts
Cognac sales in Asia have helped boost Rémy Cointreau's first quarter
Analysts have welcomed Rémy Cointreau's strong start to the fiscal year, but warned not to read too much into a traditionally small first quarter.
The French company's 24.4% Q1 sales growth posted yesterday (19 July) comfortably beat expectations, driven by demand in Asia, analysts UBS said in a note. China's strong demand for Rémy Cointreau's Cognac has so far not been affected by the country's slowing economy and favourable foreign exchange rates helped push overall sales up to EUR271.6m (US$333.2m).
UBS raised its full-year forecast by 1.5 percentage points, however it said Q1's strong sales should not be extrapolated because at 20% it is the smallest quarter of the year.
Analysts Bernstein Research said the results suggest “a positive momentum for the rest of the year” and raised its FY earnings estimates by 5%.
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