Remy Cointreau Plunges After Cognac Maker Predicts Sales Slump
- Sales expected to decline by 15%-20% this year, company says
- US market won’t recover until next year, distiller says
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Remy Cointreau SA fell to a three-year low after the French distiller cut its annual sales guidance, citing weaker-than-expected US demand for its high-end spirits.
The cognac maker said it expects organic sales to fall by 15% to 20% this year. Shares of the company, which had previously forecast flat sales, plunged as much as 12% Friday morning in Paris.