In figures released yesterday (Jan 20), Remy Cointreau reported a sharp rise in sales for the third quarter of the tax year 2010/2011.
This was very much thanks to the fast growing sales of cognac in China and that the US market has once again become favourable.
Remy Martin, the flagship cognac arm of Remy Cointreau, saw increased sales in the first nine months of 28%. This has been aided by the fact that the Chinese New Year falls on February 03 in 2011, instead of the usual February 14. This has meant that cognac sales for this have been included into the third quarter.
But the group has said that they expect little or no growth to be reported for the fourth quarter, and that, along with no news of a buyer for their unprofitable champagne division, saw the share price drop yesterday by 3%.
Sources: www.bloomberg.com, www.comlaresse.com, www.forexyard.com
Pic: Fox, Wall Street, 1987