Rémy Cointreau: 2019-20 adjusted EPS down 26.6%

(CercleFinance.com) - Rémy Cointreau has published 2019-20, EPS excluding non-recurrent items that is down 26.
6% at 2.49 euros, with an underlying operating margin that is down 2.5 points at 21%, for revenues of 1,024.8 million euros, down 9% (-11.2% in organic terms).

Due to more favourable trends in the consumption of spirits in the United States in recent weeks, it now expects sales to fall by around 45% in organic terms (less than the -50% to -55% previously forecast) in Q1 2020-21.

Based on Q2 that looks as though it will post a moderate decline, the wine and spirits group expects underlying operating income to fall by 45% to 50% in organic terms in H1 2020-21.

However, the market seems to turn a blind eye to these falls - the share is currently up about 8% at over 120 euros towards midday on Thursday.


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