Remy Cointreau confirmed the earnings estimates for the year 2022 and stressed that it is optimistic for a strong start to the new year, as sales fell less than expected in the last quarter.
The French brandy company showed sales of 227 million euros in the quarter, 0.4% lower in fixed currency compared to last year.
Analysts expected quarterly sales of 214.3 million euros.
The drop was expected, Remy Cointreau said, attributed to a 17% drop in cognac sales as a result of inventory management in view of price increases early next quarter.
Total sales for the year 2022 amounted to 1.31 billion Euros, showing an increase of 27% compared to the previous year, with brandy sales increasing by 26% to 948.3 million Euros.
Remy confirmed that it expects strong organic growth in operating profit for the whole year, with a higher operating margin.
He also reiterated that the increased profits will be driven exclusively by growth in the first quarter.
Source: Capital
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