(Reuters) - Premium spirits maker Remy Cointreau (PA:RCOP) said on Tuesday it expected mid-year core profit to fall between 35% and 40%, an improvement on previous guidance, as it posted better-than-expected results, thanks to resilient consumption in the United States and Britain.
The maker of Cointreau liqueur said it had performed remarkably in Britain, Germany and the United States, despite a slump in duty-free sales and events hit by the coronavirus pandemic, as people made cocktails at home.
In early June, the company had forecast a limited decline in second-quarter sales and a fall of 45% to 50% in mid-year current operating profit, followed by a strong second-half recovery, buoyed by China and the United States.
The Paris-based group, which makes upscale cognacs, champagnes and scotch, served sales down 33.2% organically for its first quarter started April 1, beating analysts' estimate for a fall of 42.5%.