Rémy Cointreau: new forecasts with COVID-19 pandemic
(CercleFinance.com) - Spirits group Rémy Cointreau estimates that its FY 2019/20 sales to end-March 2020 will be down around 9% as reported, and by 12% organically (at constant currencies and consolidation scope).
The company therefore expects underlying Operating Income to fall by 20% to 25% as reported and by 25% to 30% organically, for FY 2019/20.
However, it is currently seeing some improvements in Mainland China, where most shops have opened again, as well as some restaurants and bars.
The group had around 300 million euros in excess cash, compared to its estimated needs, at the end of March 2020.
Copyright (c) 2020 CercleFinance.com. All rights reserved.