By 
Shares in Remy Cointreau SA lost ground Thursday after the French distiller warned growth would slow in the second half of the year against tougher comparison bases.
At 0830 GMT, shares traded 4.2% lower at EUR156.30.
The group
RCO,
-1.78%,
which makes Remy Martin cognac and Cointreau orange liqueur, backed its full-year guidance for strong organic growth, but said the second half of the fiscal year, which runs to March 31, would see some normalization after a couple of exceptional years reaping postpandemic demand.
Some marketing spend in China will be weighted to the second half given continuing pandemic restrictions in the first part of the fiscal year, Remy said.
Earnings in 1H liqueurs and spirits were meanwhile below consensus amid a step-up in marketing and communication spend in the division, analysts at Jefferies noted following the print, though they argued that consensus offers a cushion for any second-half slowdown.
Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby
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