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Rémy Cointreau: Oddo confirms rating after sales report

( - The spirits group has reported 9m 2019-20 sales of 814 million euros, down 4.
1%, weighed on by the group's withdrawal from certain distribution contracts in Europe and the United States.

Q3 sales fell by 6.5% to 290.2 million euros, below the consensus (310.4 million euros). Organic sales (i.e. its own brands) were down 7.2% in Q3, well short of the consensus (-1.7%), marking a clear deterioration compared to the trend in H1 (+2.8% in organic terms for own brands H1), Oddo says.

Following this publication, Oddo confirms its Reduce rating on the share and its target price of 95 euros.

Oddo also says that the Liquors & Spirits division reported a 6.1% fall in organic terms, well short of the consensus, which expected +1.8%.

Analysts say that the group has suspended its annual guidance (provided at the end of November 2019), as well as its medium-term targets (i.e. an increase in the share of sales made by spirits sold above 50 dollars per bottle and an improvement in its underlying operating margin).

The market more than agrees with this - the share is down over 9% at lunchtime on Friday.

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