US Justice Dept to ramp up staffing for immigration cases
Australia household spending rises for fourth month in January
Trump policy change prompts bid to dismiss foreign agent case
China’s foreign minister criticizes US tariffs and accuses the country of ‘meeting good with evil’
US dollar struggles near 4-month low amid growth concern; jobs data in spotlight
SpaceX Starship failure prompts diversions, Florida airports ground stops
The photographer capturing the ‘indescribable magic’ of Australia’s landscapes
King Charles reveals music soundtrack to his life to mark Commonwealth Day
PARIS (Reuters) - Spirits maker Remy Cointreau on Friday cut its sales and profit outlook for the 2023/2024 fiscal year, citing a slower-than- expected recovery in the United States amid worsening market conditions.
The maker of Remy Martin cognac and Cointreau liquors said it now expected organic sales to fall by 15-20%, having previously forecast stable sales.
It also now expected a "contained" decrease in current operating profit margin thanks to cost cutting measures. It had previously forecast a stable margin.
Sales for the first half of its fiscal year came in at 636.7 million euros ($672.74 million), marking a like-for-like fall of 22.2%, below analyst expectations of a 21.2% decline.
Cognac sales alone reached 416.1 million euros, a like-for-like decline of 30.1%.
Remy Cointreau's fiscal year starts on April 1 and ends on March 31.
($1 = 0.9464 euros)
(Reporting by Dominique Vidalon, editing by Tassilo Hummel)
