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Remy Cointreau first-half profit beats estimates, cautiously optimistic on China

By Dominique Vidalon PARIS (Reuters) - France's Remy Cointreau reported a stronger-than-expected 27% jump in first-half operating profit and kept its guidance for a slower second...
Remy Cointreau first-half profit beats estimates, cautiously optimistic on China © Reuters. FILE PHOTO: Bottles of Cointreau, the orange-flavoured triple sec liqueur, are displayed in the Carre Cointreau at the Cointreau distillery in Saint-Barthelemy-d'Anjou, near Angers, France, February 8, 2019. REUTERS/Stephane Mahe/File Photo

By Dominique Vidalon

PARIS (Reuters) - France's Remy Cointreau reported a stronger-than-expected 27% jump in first-half operating profit and kept its guidance for a slower second half, saying consumption trends were returning to more normal levels.

Chief Executive Eric Vallat also said he was "cautiously optimistic" about business in China, a key market, in the short-term although visibility was low due to on-and-off lockdowns.

The company said it had had to postpone some investments in China until the second half.

China on Thursday logged a record rise in COVID infections, darkening the country's economic outlook. Remy Cointreau shares fell 2.9% in morning trade.

Vallat added he was confident in China in the longer-term due to strong appetite there for its premium cognacs.

"In China, we are making sure we are flexible, so far we have adapted sucessfully to the situation," he said.

The maker of Remy Martin cognac and Cointreau liqueur has seen two years of "exceptional growth" as the pandemic accelerated a shift towards premium drinks, cocktails and e-commerce as people drank more expensive drinks at home.

Operating profit for the six months to Sept. 30 came in at 319.3 million euros ($333.1 million), outperforming a company-compiled consensus of 306 million euros.

The company expects "low double-digit sales growth" for the full year with a slower pace of growth in the third quarter before picking up again the fourth, Vallat told reporters.

Operating profit at its cognac division, which accounts for nearly 90% of group profit, surged 36% to 299.7 million euros in the first half.

The company had previously reported a 21.1% jump in first-half sales, boosted by a recovery in demand for its top cognac brands in China during the country's Golden Week holidays.

($1 = 0.9587 euros)

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