January 24, 2020 / 8:06 AM / 3 months ago

Remy shares slide 8% after weak Q3 numbers

PARIS, Jan 24 (Reuters) - Remy Cointreau shares slid on Friday after the French spirits maker posted a worse-than-expected fall in third quarter revenue and suspended its guidance.

Remy shares were down 8.1% in early trading, also dragging down the shares of its rival Pernod.

“Full year guidance has now been suspended given the recent CEO change with no substantial update expected until June FY20 results. Given the lack of visibility on the outlook and still elevated valuation, we would expect the shares to be down meaningfully today,” JP Morgan analysts wrote in a note. (Reporting by Sudip Kar-Gupta; editing by Jason Neely)

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