Estimated Initial Impact of The COVID 19 Pandemic on The Rémy Cointreau Group
REMY COINTREAU UNSP/ADR (REMYY)
NASDAQ:AMEX Investor Relations:
remy-cointreau.com/en/finance/publications
Company Research
Source: Business Wire
PARIS--(BUSINESS WIRE)--Regulatory News:With the evolution of the COVID 19 pandemic in the world since January 2020, and in particular in its main markets, Rémy Cointreau (Paris:RCO) estimates that its revenues for the 2019/20 fiscal year, ending March 2020, will decline by about 9% in reported terms, and by 12% in organic terms (at constant exchange rates and scope). These expectations imply an organic downturn of about 26% in the 4th quarter, despite an excellent start of the Chinese New Year celebrations in January and a good resilience of the e-commerce channel since the beginning of the epidemic in China.As a result, the group anticipates that its Current Operating Profit will decrease by 20% to 25% in reported terms and by 25% to 30% in organic terms, for the fiscal year 2019/20.The Group is currently witnessing some improvements in Greater China, where most shops have reopened, as well as some restaurants and bars. However, it anticipates its Chinese wholesalers to destock
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