Pursuits
Remy Cointreau Shares Surge on Cognac Shipments to China
- Organic sales at distiller’s Remy Martin cognac unit surge 22%
- Earlier timing of Chinese festivities boosted sales: analyst
An employee walks between barrels of Remy Martin Fine Champagne Cognac, laid to age in a cellar at the Remy Cointreau SA headquarters in Cognac.
Photographer: Balint Porneczi/BloombergThis article is for subscribers only.
Remy Cointreau SA shares rose the most in almost two years after the French distiller reported third-quarter sales that beat analysts’ estimates on a surge in Remy Martin cognac shipments ahead of Chinese New Year festivities.
The stock surged as much as 10 percent to 90 euros in Paris, the steepest intraday advance since April 2014. Revenue from the company’s Remy Martin unit rose 22 percent on an organic basis in the three months through December. Analysts expected 8.8 percent growth. Total sales rose 9 percent on the same basis, beating the 4.2 percent consensus.