Remy warns about im­pact of crack­down on spend­ing

China Daily (Canada) - - BUSINESS -

Remy Coin­treau warned on Thurs­day that full-year op­er­at­ing profit would fall be­tween 35 and 40 per­cent as a Chi­nese govern­ment crack­down on os­ten­ta­tious spend­ing hurts de­mand for pre­mium co­gnac and shows no signs of abat­ing. In Novem­ber, the French spir­its group had al­ready warned that full-year op­er­at­ing profit would fall by at least 20 per­cent, cit­ing con­di­tions in China. “The trend did not im­prove in the fourth quar­ter in China”, Remy said in a state­ment.

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