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Rmy Cointreau Stock Dips On Weak H1 Sales

Shares of Rmy Cointreau (REMYF.PK) were losing around 3 percent in the morning trading after the French wine and spirits company reported Friday that its first-half sales dropped 0.6 percent to 523.9 million euros from 527 million euros last year.

This decline reflected the voluntary withdrawal of the Group from certain Partner Brands. Group Brands sales grew 6.1 percent. Currency effects were favourable at 3 percent.

In organic terms, Group Brands sales increased 2.8 percent over the period. The House of Rmy-Martin grew 2.1 percent driven by steady demand for cognacs, in particular in China, despite a fall in tourism in Hong Kong and slow stock replenishment by retailers in the United States.

Group Brands experienced growth across all regions, with a strong performance in Europe, Middle East and Africa, led by the United Kingdom and Africa. Asia Pacific and the Americas had a slower start to the year.

In Paris, Rémy Cointreau shares were trading at 119.80 euros, down 2.36 percent.

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