Paris — French drinks group Remy Cointreau reported higher annual sales on Wednesday, helped by recovering sales in China and robust demand in the US, and maintained its financial targets for higher annual profits. Several technical factors held back fourth-quarter sales growth but the rebound in China continued in the second half of the year, with a sharp acceleration in private consumption and some improvement in the travel retail sector, Remy said. The company, which makes Remy Martin cognac and Cointreau liquor, said annual sales had risen 4.2% from the previous year to €1.095bn. Like-for-like growth was 4.7%. Remy said it was sticking to its target of growth in current operating profit over the financial year 2016-17, assuming constant exchange rates. In the fourth quarter alone, sales showed like-for-like growth of 0.9%, compared with a 9% rise in the third quarter. Growth was held back by technical factors, ranging from the earlier timing of the Chinese New Year, the deconsol...
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