Representatives from the Chinese side say they think it likely that Chinese President Xi Jinping will attend the G-20 meeting later this month. But in order to reach a trade...China Economyread more
Software engineers straight out of college often make six-figure salaries, not counting equity compensation.Technologyread more
Wall Street, though, is clamoring for a rate cut, with an 85% chance of a move in July and a 61% probability of three reductions by year's end.The Fedread more
A company spokesperson said the outage was the result of a "an internal technology issue" and was not security related.Retailread more
The flattening of the yield curve is exuding a bad omen for the stock market if history is any guide.Marketsread more
Using MIT's living wage calculator, CNBC Make It mapped out the minimum amount a single parent must earn to meet their basic needs without relying on outside help in every...Earnread more
Hong Kong Chief Executive Carrie Lam announced at a press conference on Saturday that a contentious bill to allow extraditions to mainland China has been put on hold.China Politicsread more
Stratolaunch, the world's largest airplane, which flew once, is up for sale, sources familiar told CNBC.Investing in Spaceread more
Transparency is key… or is it? With the first-ever non-transparent, actively managed exchange-traded fund receiving approval from the SEC, "ETF Edge" goes straight to the...ETF Edgeread more
Mired in a crisis over its best-selling 737 Max plane, Boeing could hand the spotlight over to its rival Airbus at the Paris Air Show.Airlinesread more
A new update to the Apple Watch called watchOS 6 will notify you if the environment you're in is too loud and could damage your hearing.Technologyread more
PARIS, June 6 (Reuters) - Remy Cointreau handed investors a special dividend of one euro per share after reporting a stronger-than-expected 14% rise in annual operating profit, helped by cost controls and robust demand for its premium cognacs in China.
The maker of Remy Martin cognac and Cointreau liqueur said its strategy of selling higher-priced spirits to boost profit margins was delivering strong results, and the company said it had met its margin goals a year in advance.
Operating profit for the year ended March 31 rose to 263.6 million euros ($296 million) from 236.8 million euros the previous year.
That translated into a margin of 21.7% of sales at constant exchange rates and business structure, marking an organic gain of 1.3 percentage points from the previous year.
The results beat the consensus analyst forecast of 260.2 million euros in profit, and 13.4% organic profit growth. Organic profit growth excludes the impact on profit from acquisitions, divestments and foreign exchange.
The company said it remained ambitious about its operating margin over the medium term.
Remy Martin cognac, which makes over 80% of the company's profit, saw its operating profit rise 18% to 235.6 million euros, driven by strong demand in the Asia Pacific region, notably China, and the United States.
Remy has been focusing on selling spirits priced at $50 a bottle or more as part of a strategy that has benefited from a rebound in Chinese demand.
Remy's Louis XIII luxury cognac - which sells for over $3,000 a bottle - has been in demand in China but in recent years has also benefited from growing demand from rich consumers elsewhere, especially in the United States.
The group reiterated on Thursday it expected high-end spirits to grow to 60-65% of its sales over the medium term from 53% at present.
In line with that strategy, Remy Cointreau last month disclosed exclusive talks to buy most of the operations of the JR Brillet cognac house to secure additional vineyards and stocks of aged eau de vie fruit brandy, which is key to meeting growing demand for cognac.
($1 = 0.8905 euros) (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta and Deepa Babington)