PARIS, Jan 25 (Reuters) – French spirits group Remy Cointreau RCOP.PA beat third-quarter sales forecasts and said it was confident that demand for its premium cognac in China, the United States, and Europe would underpin profit growth this year.
For the 2021/22 full year, Remy Cointreau kept a forecast of “very strong” organic growth in current operating profit and strong organic sales growth, and reiterated it was confident in its ability to outperform the premium spirits market.
For the three months to Dec. 31, group sales came in at 440.5 million euros ($498.1 million), an organic rise of 21%. That beat a company-compiled consensus from 18 analysts for 415.6 million euros.
Sales at the Remy Martin cognac division, which makes 90% of group profits, rose 19.4% to 332.7 million euros, also above analysts estimates of 317.7 million euros.
The French company’s fiscal year starts on April 1 and ends on March 31.
($1 = 0.8843 euros)
(Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)
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