RÉMY COINTREAU A
11
h
39
the cognac producer's share price jumps by
14,25
% à
100,45
euros, its highest daily increase since September 2001.
Rémy Cointreau reported a "significant sequential improvement" in the United States thanks to a positive phasing effect on its liqueurs and spirits division.
The group had been forced to lower its outlook in October for its 2023-2024 financial year in view of the difficulties encountered in the United States and China, where the post-pandemic sales recovery has been sluggish.
The United States and China are the group's two key markets for cognac, whose sales account for the bulk of Rémy Cointreau's revenues.
Third-quarter sales came to 319.9 million euros, down 26.9% year-on-year on a reported basis and 22.7% on an organic basis. Analysts were expecting 318.6 million euros, according to a consensus drawn up by the company.
For the full year, Rémy Cointreau forecasts a decline in annual sales at the lower end of the 15%-20% range given in October, or close to 20% on an organic basis.
Rémy Cointreau's publication should bring "slight relief", notes Edward Mundy, analyst at Jefferies, for whom the share should benefit from the return of investor confidence in the group's turnaround.
Questions remain, however, as the analyst points out, notably concerning "the duration of destocking in China, the timetable for normalizing shipments in the USA and the investigation into dumping margins in China".
Earlier this month, the Chinese Ministry of Commerce announced the launch of a
investigation
investigation into wine spirits, such as cognac, imported from the European Union.
Rémy Cointreau CFO Luca Marotta assured us on Friday that the investigation had had no impact on group sales for the time being.
(Written by Gaëlle Sheehan with Diana Mandia, edited by Blandine Hénault)
by Diana Mandia and Gaelle Sheehan
