Connect with us

Stock Markets

Remy Cointreau’s higher profit forecast gives warm glow

Published

on

2/2
Remy Cointreau's higher profit forecast gives warm glow
© Reuters. FILE PHOTO: A bottle of Remy Martin XO cognac is displayed at the Remy Cointreau SA headquarters in Paris, France, January 21, 2019. REUTERS/Benoit Tessier

2/2

By Dominique Vidalon

PARIS (Reuters) -Remy Cointreau raised its full-year profit forecast after a better-than-expected first half, driven by strong demand for its premium cognac in China, the United States and Europe, lifting its stock to a record high on Thursday.

Chief Executive Eric Vallat told journalists the spirits group had made an “encouraging” start to the third quarter in China, thanks to strong sales during the Singles’ Day online shopping bonanza and the mid-autumn festival.

Singles’ Day business alone makes up 10% of Remy Cointreau’s annual sales in China.

The maker of Remy Martin cognac and Cointreau liqueur said it now expected “very strong” organic growth in current operating profit in the 2021/22 financial year. It had previously targetted “strong” growth.

Remy shares jumped as much as 12% to a record high of 209.80 euros.

The company also remained confident of outperforming the premium spirits market and reiterated a forecast for strong organic growth in full-year sales.

The COVID-19 pandemic has boosted Remy’s drive towards higher-priced spirits to boost profit margins long term, accelerating a shift among consumers towards premium drinks, at-home consumption, cocktails and e-commerce, Vallat said.

Asked to comment on the market consensus for 24.7% organic growth in 2021/22 operating profit and 24.5% growth in sales, Vallat said: “I am rather comfortable” with the sales estimate, while that for profit is “a bit cautious.”

Due to higher marketing and communication spending and a tougher comparison base in the second half, full-year profits will be driven solely by first-half growth, the group said.

Group current operating profit for the six months ended Sept. 30 leapt 104.5% on an organic basis to 212.9 million euros ($238.8 million). That beat a company-compiled consensus from 22 analysts of 168.1 million euros.

Operating profit at the Remy Martin cognac division, which makes nearly 90% of group profit, totalled 188.1 million euros, up 101.9% on the same basis.

Remy had already reported a 52% organic jump in first-half sales. This reflected a strong rebound in bars and restaurants as COVID-19 restrictions eased around the world, while home consumption remained resilient. ($1 = 0.8917 euros)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Stock Markets

Krispy Kreme Shares Plunge Following Goldman Sachs Downgrade

Published

on

Krispy Kreme Shares Plunge Following Goldman Sachs Downgrade
© Reuters

By Sam Boughedda

Investing.com — Krispy Kreme Inc (NASDAQ:) stock fell 8% after Goldman Sachs analyst Jared Garber downgraded it to sell.

Garber cut it from neutral, setting a $14 price target. That did represent a 4% downside from Tuesday’s close. However, the stock has now fallen below that level, trading around the $13.28 mark. 

The analyst cited rising cost pressures across many key areas for Krispy Kreme’s company-owned model, which Garber feels presents risks for margins. 

In addition, he explained that consumer data implies that the brand may have limited pricing power to react to inflation, and with the indulgent food category only expected to grow 1.1% per year to 2025, it forced Garber to lower estimates for the company.

 There is “limited clarity on the underlying drivers of top-line growth,” according to the analyst.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Continue Reading

Stock Markets

European shares rebound from Omicron-spurred rout

Published

on

European shares rebound from Omicron-spurred rout
© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 30, 2021. REUTERS/Staff

By Anisha Sircar and Susan Mathew

(Reuters) -European shares posted their best session in almost six months on Wednesday, as investors picked up beaten down stocks that were hammered in the past few sessions by fears of the spread of a new and highly infectious strain of the coronavirus.

The pan-European rose 1.7%, recovering from a sharp sell-off in the previous session that had sent it to a seven-week low. The index ended November with a 2.6% drop and is 4% away from the record high it hit in the middle of last month. [MKTS/GLOB]

“Europe was already imposing lockdowns before Omicron. Since valuations are still elevated, earnings need to do the heavy lifting from here; that task has now become harder in the EU …. relative to the U.S.,” TS Lombard research head Andrea Cicione said.

A recent Reuters poll of strategists and brokers suggests that European stocks may hit record highs in 2022, boosted by a recovery in corporate profits.

The poll also says that and 40 indexes would hit uncharted peaks by mid-2022, while the STOXX 600 would gain 7% and reach 500 points by July.

“In the short term, uncertainty and therefore market volatility will continue until we get greater clarity on the resistance to vaccines and the lethality and transmissibility of Omicron,” TS Lombard’s Cicione said.

Industrial stocks were the biggest boost to the STOXX 600 on Wednesday. Among sectors, autos as well as travel and leisure rose 3.8% and 3.1%, respectively.

Miners gained 2.3% after prices rebounded on easing concerns about the Omicron coronavirus variant, while oil stocks jumped 2.1% as crude prices rose as OPEC meets. [MET/L] [O/R]

The European Union could greenlight COVID-19 vaccines tailored to target the new variant in three to four months, the region’s drug regulator chief Emer Cooke said on Tuesday, adding that existing shots would continue to provide protection.

A survey showed manufacturing growth in the euro zone accelerated slightly last month, but supply chain bottlenecks worsened.

Among individual stocks, Husqvarna, the world’s biggest maker of power gardening tools, jumped 5.4% after raising its overall financial targets and growth ambitions for robotic lawn mowers and other battery-powered products.

Italy’s Banca Monte dei Paschi di Siena surged 16.7% after saying it had begun a dialogue with the Ministry of Economy and Finance to restart discussions on its plans to raise capital.

Battered German property group Adler’s shares surged 34.5%, pulling up from all-time lows, after announcing divestitures.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Continue Reading

Stock Markets

Jewellery maker Pandora has no plans to join platforms like Amazon or Farfetch -CEO

Published

on

Jewellery maker Pandora has no plans to join platforms like Amazon or Farfetch -CEO
© Reuters. FILE PHOTO: Jewels are seen in a Pandora jewellery shop in downtown Rome, Italy, August 7, 2018. REUTERS/Max Rossi

COPENHAGEN (Reuters) – Jewellery maker Pandora (OTC:) would prefer to invest in physical stores or its own online sales platform rather than join large e-commerce marketplaces like Amazon (NASDAQ:) or Farfetch (NYSE:), its chief executive said on Wednesday.

“If you’re a small and unknown brand, marketplaces offer a great opportunity, because they provide you with an audience. I already have an audience,” CEO Alexander Lacik said during an interview at the Reuters Next conference on Wednesday.

Pandora, the world’s largest jewellery maker by production capacity, has found a niche between cheaper accessories sold by the likes of H&M and more expensive jewellery like that of Tiffany & Co (NYSE:).

“Eight out of ten women globally are aware of our brand, so I don’t need to make you aware of me. What I need to do is to show you what I’ve got, and I can to this much better if I have a direct relationship with my customer,” he said.

The $12.3 billion company, headquartered in Copenhagen, has increased investment in e-commerce during the pandemic. It is present on China’s T-mall platform but not on large global platforms like Amazon or Farfetch.

“Marketplaces always have to make a compromise for all the clients they are serving. I don’t have to compromise,” he said.

Pandora’s more than 2,600 physical stores remain the core of its business and still account for 75% of global sales.

“Nearly two-thirds of my customers are men buying jewellery for their girlfriends, wifes, grandmothers or children. And we know that men buying jewellery need help,” he said.

To watch the Reuters Next conference please register here https://reutersevents.com/events/next/

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Continue Reading

News

Economy4 mins ago

Treasury’s Yellen: Biden stimulus at most a ‘small contributor’ to inflation

© Reuters. FILE PHOTO: reasury Secretary Janet Yellen pauses while testifying before a Senate Banking Committee hybrid hearing on oversight...

Cryptocurrency4 mins ago

ZCash surges 7% after Digital Currency Group CEO announces $85M purchase

Digital Currency Group CEO and founder Barry Silbert has purchased more ZCash to add to his company’s coffers as the...

Cryptocurrency4 mins ago

NFT-DeFi Based Momento Platform Shifts Play-to-Earn Economy

NFT-DeFi Based Momento Platform Shifts Play-to-Earn Economy Momento ecosystem shifts the P2E economy. Unique gaming platform allows players to use...

Commodities4 mins ago

Halliburton says not buying Exxon stake in Iraqi oilfield

2/2 © Reuters. FILE PHOTO: A member of security foreign personnel walks with an Exxon’s foreign staff of the West...

Stock Markets4 mins ago

Krispy Kreme Shares Plunge Following Goldman Sachs Downgrade

© Reuters By Sam Boughedda Investing.com — Krispy Kreme Inc (NASDAQ:) stock fell 8% after Goldman Sachs analyst Jared Garber downgraded...

Economy5 mins ago

Some Republicans in U.S. Congress try to close government over vaccine mandates

© Reuters. FILE PHOTO: The U.S. Capitol building is seen in Washington, U.S., November 16, 2021. REUTERS/Elizabeth Frantz/File Photo By...

Commodities5 mins ago

U.S. could tweak timing of oil stockpile release if prices fall -official

© Reuters. FILE PHOTO: The Bryan Mound Strategic Petroleum Reserve, an oil storage facility, is seen in this aerial photograph...

Economy19 mins ago

Powell says Fed policy must address range of plausible outcomes

© Reuters. FILE PHOTO: Federal Reserve Chair Jerome Powell prepares to testify before a Senate Banking Committee hybrid hearing on...

Stock Markets19 mins ago

European shares rebound from Omicron-spurred rout

© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 30,...

Economy20 mins ago

In Brazil, a favela start-up delivers parcels where others fear to tread

4/4 © Reuters. A member of the Favela Brasil Express carries bags with products to be delivered at Paraisopolis slum...

Stock Markets20 mins ago

Jewellery maker Pandora has no plans to join platforms like Amazon or Farfetch -CEO

© Reuters. FILE PHOTO: Jewels are seen in a Pandora jewellery shop in downtown Rome, Italy, August 7, 2018. REUTERS/Max...

Stock Markets34 mins ago

Global airlines prepare for Omicron volatility, agility will be key

© Reuters. FILE PHOTO: A notice about COVID-19 safety measures is pictured next to closed doors at a departure hall...

Economy34 mins ago

Mexican Workers Abroad Keep Sending Record Cash Back Home

Mexican Workers Abroad Keep Sending Record Cash Back Home (Bloomberg) — Mexico’s remittances reached another record in October, powered by...

Stock Markets34 mins ago

Wall Street bounces back from Omicron, inflation jitters

© Reuters. FILE PHOTO: A Wall Street sign is pictured outside the New York Stock Exchange amid the coronavirus disease...

Politics34 mins ago

Shutdown Risk Rises as U.S. Congress Stalls on Stopgap Bill

© Bloomberg. The U.S. Capitol building in Washington, D.C., U.S., on Tuesday, Sept. 21, 2021. House Democrats set up a...

World35 mins ago

Deadly Michigan school shooting baffles police as young suspect stays silent

2/2 © Reuters. Emergency personnel respond to the scene of a deadly shooting where at least three were killed and...

Stock Markets50 mins ago

Germany stocks higher at close of trade; DAX up 2.47%

© Reuters. Germany stocks higher at close of trade; DAX up 2.47% Investing.com – Germany stocks were higher after the...

Cryptocurrency50 mins ago

Cointelegraph Consulting: Gaming tokens usher in altcoin season

While remains in a cool-off period after thrusting to its all-time high in early November and the decentralized finance (DeFi)...

Stock Markets50 mins ago

UniCredit mulls 3,000 voluntary job cuts under new plan – sources

© Reuters. FILE PHOTO: UniCredit bank logo is seen in Siena, Italy June 29, 2017. REUTERS/Stefano Rellandini//File Photo By Valentina...

Stock Markets1 hour ago

Unions ready to call strike at Telecom Italia

© Reuters. FILE PHOTO: The Tim logo is seen at its headquarters in Rome, Italy November 22, 2021. REUTERS/Yara Nardi/File...

Stock Markets1 hour ago

France stocks higher at close of trade; CAC 40 up 2.39%

© Reuters. France stocks higher at close of trade; CAC 40 up 2.39% Investing.com – France stocks were higher after...

Cryptocurrency1 hour ago

Web3 To Boom With Hashed’s $200M Venture Fund II and New Partners

Web3 To Boom With Hashed’s $200M Venture Fund II and New Partners Hashed launches $200M Venture Fund II to facilitate...

Cryptocurrency1 hour ago

A Second NFT Card Sale for Duelist King’s Win2Earn Game Is on Its Way

A Second NFT Card Sale for Duelist King’s Win2Earn Game Is on Its Way Duelist King announces its second batch...

Economy1 hour ago

U.S. CFPB says considering guidance aimed at curbing banks’ reliance on overdraft, non-sufficient fees revenue

© Reuters. FILE PHOTO: The seal of the Consumer Financial Protection Bureau (CFPB) is seen at their headquarters in Washington,...

Sports & General1 hour ago

U.S. Supreme Court conservatives signal support for abortion limits

2/2 © Reuters. FILE PHOTO: The United States Supreme Court in Washington, U.S., May 17, 2021. REUTERS/Evelyn Hockstein 2/2 By...

Commodities1 hour ago

U.S. could change timing of oil stockpile release if prices drop -official

© Reuters. FILE PHOTO: The Bryan Mound Strategic Petroleum Reserve, an oil storage facility, is seen in this aerial photograph...

World1 hour ago

Moderna could be sued over vaccines as court upholds patents

© Reuters. FILE PHOTO: A vial and a syringe are seen in front of a displayed Moderna logo, in this...

Economy1 hour ago

Schumer sees “good progress” in talks to avoid U.S. gov’t shutdown

© Reuters. FILE PHOTO: U.S. Senate Majority Leader Chuck Schumer (D-NY) speaks to reporters following the Senate Democrats weekly policy...

Stock Markets1 hour ago

3 Popular SaaS Stocks to Avoid in December

© Reuters. 3 Popular SaaS Stocks to Avoid in December With the remote work arrangements expected to continue, a heightened...

Stock Markets1 hour ago

2 Oversold Semiconductor Stocks to Scoop Up Now

© Reuters. 2 Oversold Semiconductor Stocks to Scoop Up Now Governments worldwide have been taking steps to alleviate the current...

Trending