FRANCE: Remy Cointreau figures hit by US dollar
Remy Cointreau has seen its revenue hit by the weak US dollar. The French drinks company today announced a fall in revenue of 12% for the nine months to 31 December.
Remy Cointreau said revenue for the nine-month period dropped to €702.9m (US$888m) from €799.1m year-on-year. Analysts's estimates for the period had been €724m.
At constant currency rates, revenue actually grew by 0.6%.
Although the company did not reveal Q3 sales from October to December, Dow Jones Newswire calculated revenue for this period to have fallen by more than 10% to €288.2m from €321.6m.
The French company is due to release its next earnings statement, covering the year to 31 March, on 10 June.
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