French cognac maker Remy Cointreau posts steady sales

The Carre Cointreau distillery located in Saint-Barthelemy d'Anjou, France, is stocked with a bottle of Cointreau.

Remy Cointreau, a French spirits group, reported a higher-than-expected rise in operating profit for its 2022 23rd fiscal year and adhered to its cautious prospects for this year.

Remy Martin cognac and Cointreau liquor maker Remy Martin said they expected flat organic sales in financial year 2023 - 2024, with steady profitability, to reflect weaker U.S. demand and high year-ago comparables.

For the year ended March 31, 2023, a robust demand for its premium cognac in China and the United States, along with cost control, lifted operating profit by an organic 16.2 percent to a record 429.6 million euros $472.90 million, a company compiled consensus of 18 analysts.

Group sales were 1.55 billion euro, indicating an organic rise of 10.1%.