For the 2020/21 full year, the maker of Remy Martin cognac and Cointreau liqueur forecast “positive” like-for-like current operating profit growth and said it remained confident of its ability to emerge stronger from the crisis. Remy Cointreau, which raised prices on Oct. 1, planned another round of price hikes at the start of its next fiscal year in April, he said. Foreign exchange headwinds and one-off costs would however weigh by 5 million and 3 million euros, respectively, on current operating profit in 2020/21, it said. That outperformed a company-compiled consensus of 18 analysts that forecast current operating profit of 101.1 million euros, down 26.1% on a like-for-like basis. Operating profit at the Remy Martin cognac division, which makes more than 80% of group profit, totalled 93.6 million euros in the first half, or a like-for-like decline of 25.1%.

Source: Dhaka Tribune November 26, 2020 14:26 UTC