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Remy Slumps on Profit Forecast, Bernstein Says Worst Yet to Come 2013-11-26 08:25:18.23 GMT
By Heather Burke Nov. 26 (Bloomberg) -- Remy Cointreau falls as much as 8.6%, most since March 2009, sees “substantial double-digit decline” in FY current oper. profit. * Biggest Stoxx 600 decliner, vol. 100% of 3-mo. daily avg. in 1st 10 min of trading * Food/beverage sector down most in index; Pernod -2.1%, Diageo -0.7% * Bernstein suggests 1H beat due to phasing, worst yet to come (underperform) * Kepler says profit drop due to poor China sales outlook, inventories still high (buy) * Weak forecast may also be due to worsening competitive environment in China * Earlier reaction here
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To contact the reporter on this story: Heather Burke in London at +44-20-7673-2044 or hburke2@bloomberg.net
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