Latest news with #RémyCointreau
CNBC
07-06-2025
- Business
- CNBC
Spirit makers face a sobering cocktail of challenges — from tariffs to teetotalers
Global spirit makers are staring down a sobering cocktail of challenges as tariffs and brand boycotts threaten to exacerbate wider shifts in drinking habits. French cognac maker Rémy Cointreau on Wednesday became the latest spirits maker, following Diageo and Pernod Ricard, to withdraw its sales targets on increased economic and trade uncertainty. "Given the continued lack of macroeconomic visibility, the geopolitical uncertainties surrounding U.S.-China tariff policies, and the absence to date of a recovery in the U.S. market ... the conditions required to maintain [Remy Cointreau's] 2029-2030 targets are no longer in place," it said in a statement. The move came as full-year sales at the group's cognac business, which includes its namesake Remy Martin brand, fell 22% on an organic basis on slowing U.S. consumption and "complex market conditions" in China. The popular brandy variety, which hails from the French region of Cognac, has been particularly caught in the crosshairs of ongoing U.S.-Sino tensions. LVMH similarly saw a 17% drop in its Hennessy cognac in the first quarter. But the specialty drink is far from alone as trade barriers weaken already drying demand for spirits. LVMH's wine and spirits remains the French luxury group's worst performing division, while Diageo spirits including Tanqueray, Gordon's and Smirnoff saw the steepest declines in the first quarter as sales of Irish stout Guinness rallied ahead. "Distilled spirits in the U.S. are going through a correction, and U.S. tariffs add another layer of uncertainty," Jefferies said in a note last month. The prestige — and often legal requirements — associated with spirits and wines mean that they are heavily dependent on local production and thus heavily exposed to U.S. import levies. Champagne must be produced and bottled within the Champagne region, for instance. "With spirits and wines you have terroir caches, and that means you're producing locally and exporting. Hence it's much more vulnerable to geopolitical tensions," Sanjeet Aujla, analyst at UBS, told CNBC via video call. Remy Cointreau estimated that tariffs as they currently stand could serve a 65-million-euro blow ($55 million) to its business after mitigating measures. Diageo, meanwhile, said about 25% of its business is set to be impacted by duties. The same does not apply for beer, which relies on local production and has been flagged as an unlikely winner from brewing trade divisions. Notably, the world's largest brewer AB InBev, as well as Dutch and Danish beermakers Heineken and Carlsberg all maintained their full-year guidance in the first quarter. As a result, wines and spirits are potentially more exposed to brand boycotts too, with consumers more likely to swap out a particular product on political grounds in favor of a locally-made alternative. The tariff hit comes as the industry has slowed over recent years following a strong decade of growth, particularly during the Covid-19 pandemic. Locked-down consumers forked out more on alcohol in 2020 and 2021, fueling a simultaneous surge in premium brands. "During the pandemic, not only did people drink more, they premiumized more," Aujla said. Spirits are often seen as an affordable luxury, especially in good economic times. But they nevertheless tend to be an occasional purchase, with many Covid-era stockpiles remaining in liquor cabinets across the world. As economic conditions turn, however, consumers may be less inclined to cough up $100 for a good bottle, instead downtrading or opting for lower-cost ready-to-drink (RTD) alternatives. "Spirits-based RTDs are weighing on distilled spirits growth alongside the impact of cumulative inflation," the Jefferies note said, adding that downtrading was most visible in vodka and rum products, while demand for premium whisky, tequila and gin remained more robust. "That [premiumization] is on pause today, given the cyclical headwinds we have in the industry," Aujla added. The drying demand comes as health and wellness trends spark a shift in consumer habits, with more people becoming "sober curious" and experimenting with lower alcohol consumption. Indeed, many drinks makers have sought to embrace that shift with new ranges of low and no alcohol products. Meanwhile, the proliferation of weight loss drugs — and early evidence of their role in suppressing alcohol cravings — pose another potential challenge for the industry. Nevertheless, analysts remain divided over the severity and permanence of the downturn. "There is considerable debate over the extent to which currently anemic demand is cyclical or structural," James Edwardes Jones, analyst at RBC Capital Markets, said in emailed comments. Cyclical pressures refer to economic headwinds and hangover supplies from the Covid-era, while structural shifts refer to changing consumer patterns. "It's a bit of both, and more cyclical than structural," Aujla said. "But when the cyclical headwinds dissipate, we think US Spirits industry growth will be 1-2% lower than the 4-5% historical growth."
Yahoo
05-06-2025
- Business
- Yahoo
The challenges facing Rémy Cointreau's new CEO
In under three weeks, former Shiseido and Chanel executive Franck Marilly will take the hot seat at Rémy Cointreau, joining a business where sales and profits have tumbled over the last 12 months. Marilly is also taking the helm at a spirits group where Cognac, a category under significant pressure in recent quarters, accounts for around 70% of sales. It's clear the new Rémy Cointreau CEO will have plenty in his in-tray and, while market watchers have a number of questions about the company's near-term prospects, there are, it's argued, some fundamental questions about the make-up of the business. The group's last financial year, which ran until the end of March, was another tough period for the Rémy Martin Cognac maker. Net profit decreased 34.4% to €121.2m ($138.4m), or by 36.8% organically. Operating profit was down 27.6% at €211m. The Bruichladdich whisky owner posted an 18% decline in full-year sales to €984.6m. It was the second successive year when sales and earnings declined. Rémy Cointreau was hit by falling Cognac sales amid a struggling category in the US – one of the two biggest markets for the spirit – and pressures in China, the other principal destination. The company has sought to point to positive signs for its Cognac business in both markets. In the Americas, fourth-quarter sales 'rebounded sharply', particularly in the US. Rémy Martin, the group added, had gained market share in China despite the 'persistently challenging market conditions' in the country. Marilly will take the reins as CEO as Rémy Cointreau nears the end of the first quarter of its new financial year and the market's eyes this week were on the company's thoughts for its 2025/26 fiscal period. The Cointreau liqueur maker expects sales to return to 'mid-single-digit growth on an organic basis'. It said the recovery would be 'driven primarily by a strong technical rebound in sales to the United States' starting in the first quarter. However, in a sign of the macro uncertainty hanging over Rémy Cointreau's Cognac business, its guidance for its so-called current operating profit came with a caveat. Tensions over tariffs, not just on imports to the US but on EU brandy shipments to China, meant Rémy Cointreau's projection for current operating profit was for growth 'in the high single-digit to low double-digit range' – but 'excluding any increase in customs duties in China and the United States'. At the moment, the company's 'worst-case scenario' is for the potential increase in tariffs to amount to €100m gross. This embedded content is not available in your region. Alongside the publication of Rémy Cointreau's full-year profits yesterday, the company became the latest major distiller to withdraw mid-term guidance. The group pulled its objectives for 2030 – drawn up a decade ago – pointing to 'the continued lack of macroeconomic visibility', tensions over tariffs and uncertainty over when the US market would recover. In February, Diageo pulled its medium-term guidance, citing 'macroeconomic and geopolitical uncertainty'. The same month, Pernod Ricard cut its sales forecasts, saying 'intense geopolitical uncertainties' were hitting the spirits sector. Analysts expected the withdrawal of Rémy Cointreau's guidance and more attention is on the near-term prospects of the company's Cognac portfolio in the US and China and, more broadly, how tariffs could impact the business. 'Management provided a more nuanced view of US depletions, confirming that while volumes remain mid-single-digit negative, the trend is improving sequentially. Notably, VSOP depletions are nearing flat, supported by tactical pricing actions and smaller formats,' Barclays analyst Laurence Whyatt wrote in a note to clients. He added, however, that outgoing CEO Eric Vallat has 'cautioned that it is still too early to declare a full sell-out recovery'. Across the Pacific in China, market conditions for Cognac are challenging for all brands, even if Rémy Cointreau has been able to eke out some market share gains for part of its portfolio, though, as Bernstein's Trevor Stirling says, it's unclear whether that progress has been achieved across the range. 'The Chinese market remains very weak with no near-term upside visible,' Bernstein said yesterday. 'However, Rémy has been consistently gaining share in XO, VSOP and e-commerce, though there was no mention of Louis XIII.' Reflecting on a post-results call between Rémy Cointreau and analysts, Whyatt said the company's management believes it can use the expected improvement in sales to bolster its position against any changes in tariffs. 'It clarified that the assumed €65m net tariff impact could be mitigated more aggressively than previously guided,' Whyatt said. 'Management now believes mitigation could reach 50–60% – up from the 35% initially communicated – if top-line momentum improves. This would reduce the net impact on current operating profit to €25–30m, suggesting a less severe downside scenario than originally feared.' It all adds to the impression that Marilly is walking into a pretty tough job. There are attributes of Rémy Cointreau's business that provide grounds for optimism. Its Cognac portfolio has a more premium bent that a few years ago, while its Liqueurs & Spirits – home to brands like Bruichladdich, Cointreau and The Botanist gin – has seen its organic sales jump by more than a third over the last five years (even if they fell by 9% in 2024/25). However, perhaps Marilly's fundamental task is to make Rémy Cointreau a broader business, one less reliant on Cognac. 'His big challenge is to further de-risk the company, diversify away from Cognac and diversify away from the US and China. Rémy Cointreau is just too dependent on those two countries and on the Cognac category,' one analyst who wished to remain anonymous said. That, of course, will take time – and require the company to be active in the M&A market. Last year, Rémy Cointreau set out plans to find €50m in costs during the fiscal period. Rémy Cointreau said yesterday it had extracted €85m over the last 12 months – and €230m over the last two years. It described more than half over those cuts as 'structural savings'. The group's net debt to EBITDA ratio stands at 2.4 times, providing, the unnamed analyst suggests some room for manoeuvre. 'The balance sheet is not too stretched and doesn't allow for massive acquisitions but there's ways around that if needed,' they said. 'It is important to make a clear step towards a more diversified structure from a category perspective and geographically.' Elsewhere in spirits, the likes of Diageo, Pernod Ricard and Campari have either sold assets in recent months, or have signalled more will follow. Those brands, however, have tended to be away from the more upmarket products Rémy Cointreau has tended to reach for in the past. The conundrum for the new Rémy Cointreau CEO will be finding the right kind of 'premium' asset, which more often than not are either small – so may not immediately help in any attempts to diversify – or be pricey. 'It has to do something with what they call terroir, preferably, with ageing, with a good story behind it,' the analyst says. 'That could be in Tequila, that could be in whisk(e)y, where I also would see probably the best fit with the company, probably the best growth opportunities. 'It would make sense to some extent, to make perhaps a little bit of a bolder move, because if you buy smaller brands, it's going to take a long time before you actually shift the balance a bit towards less Cognac. I know there's probably less opportunities when you think about bolder moves but it's definitely something that I think the board should consider.' "The challenges facing Rémy Cointreau's new CEO" was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
04-06-2025
- Business
- Yahoo
Rémy Cointreau latest spirits major to ease back on forecasts
Rémy Cointreau has become the latest major distiller to withdraw mid-term guidance. The French spirits group today (4 June) pulled its objectives for 2030 – drawn up a decade ago. The Rémy Martin Cognac maker pointed to 'the continued lack of macroeconomic visibility', tensions over tariffs and uncertainty over when the US market would recover. Rémy Cointreau also cited the appointment of its new CEO, a move announced last week. The Bruichladdich whisky maker said Franck Marilly 'will establish his own strategic roadmap while remaining aligned with the value strategy implemented by the group for decades'. He joins later this month. Analysts expected the withdrawal the guidance, which came alongside the publication of Rémy Cointreau's annual financial results. In February, Diageo pulled its medium-term guidance, citing 'macroeconomic and geopolitical uncertainty'. The same month, Pernod Ricard cut its sales forecasts, saying 'intense geopolitical uncertainties' were hitting the spirits sector. Rémy Cointreau published its full-year sales at the end of April but today's announcement covered the group's profits. So-called current operating profit fell 28.7% to €217m ($247.8m) and by 30.5% on an organic basis. The group share of net profit decreased 34.4% to €121.2m, or by 36.8% organically. In April, the Cointreau liqueur maker posted an 18% decline in full-year sales on an organic basis to €984.6m. Last year, the group set out plans to find €50m in costs during the fiscal period. It said today it had extracted €85m. For Rémy Cointreau's new 2025-26 financial year, the company expects sales to return to 'mid-single-digit growth on an organic basis'. The company said the recovery would be 'driven primarily by a strong technical rebound in sales to the United States' starting in the first quarter. In a sign of the uncertainty about tariffs, not just on imports to the US but on EU brandy shipments to China, Rémy Cointreau's guidance for current operating profit was for growth 'in the high single-digit to low double-digit range' – but 'excluding any increase in customs duties in China and the United States'. At the moment, the company's 'worst-case scenario' is for the potential increase in tariffs to amount to €100m gross. Rémy Cointreau's share price, down by more than 42% in the last 12 months, was up 5.12% at €49.32 today at 17:00 CEST. "Rémy Cointreau latest spirits major to ease back on forecasts" was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
04-06-2025
- Business
- Reuters
Breakingviews - Rémy Cointreau tariff fix will leave long hangover
DUBLIN, June 4 (Reuters Breakingviews) - Rémy Cointreau ( opens new tab requires a stiffer cure for its tariff woes. On Wednesday, the $3 billion cognac maker revealed it had scrapped its 2030 sales guidance, citing trade war uncertainty and weakness in China. The group is cutting costs, but incoming CEO Franck Marilly's best hope will be to spend more to win customers and develop new products, even if it means sacrificing shareholder rewards. Rémy is not alone in ditching its longer-term sales guidance. In February, $60 billion Guinness-maker Diageo (DGE.L), opens new tab scrapped its 5% to 7% annual revenue growth target, citing uncertainty caused by possible tariffs imposed by the U.S. on Canada and Mexico, while $26 billion Pernod Ricard ( opens new tab also recently cut its sales guidance. Rémy had been promising a 'high single-digit' percent annual growth in revenue between 2025/2026 and 2029/2030, but now is not giving investors any steer. On the face of it, these goals may have been too ambitious to begin with. In Diageo and Rémy's cases the punchy sales targets were set during the pandemic when spirits were enjoying an unprecedented boost. But in the past two years, inflation, a continued drop-off in drinking in younger consumers and the spectre of tariffs have dampened that trend. And with the U.S. and China, the two largest drink markets in the world, showing increased signs of weakness, analysts now expect Rémy to grow sales by less than 5% each year between 2025 and 2030, Visible Alpha data shows. That's one reason why the company's valuation has shrunk, even if it still enjoys a premium multiple to Diageo and Pernod Ricard. To recover some of the lost fizz, Marilly needs to make tough choices. The new boss who will take the reins at the end of this month will have to increase spending on marketing to boost new products and gain market share. Back in 2022, the company spent 433 million euros on ad campaigns and promotions, but that figure is expected to be just 286 million euros this year, Visible Alpha data shows. Marilly will also need to cut Rémy's rising debt, which is currently equivalent to 2.4 times trailing EBITDA. To do both, he may need to scrap the company's dividend, expected to be around 80 million euros this year. That might rile shareholders, but if Marilly manages to reverse the rot, they will eventually thank him. Follow Aimee Donnellan on LinkedIn, opens new tab.
Yahoo
30-05-2025
- Business
- Yahoo
Stocks to watch next week: Broadcom, Lululemon, British American Tobacco, Dr Martens and Rémy Cointreau
Tariffs remain in focus as earnings season continues to wind down, but there are still a number of key companies due to report in the coming week. On the back of a strong set of results from chipmaking giant Nvidia (NVDA), attention will now turn to rival Broadcom (AVGO), which is due to report on Thursday. Athletics wear company Lululemon (LULU) is also due to report on Thursday, with focus on its outlook for the current year, after guidance offered at the end of the last financial year failed to impress investors. In London, investors will want to see if British American Tobacco (BATS.L) has continued to generate sales growth from its new categories business, which includes vapes and heated products. Investors will also be keen to see how Dr Martens (DOCS.L) turnaround efforts are progressing when the iconic bootmaker reports its full-year results on Thursday. On the Paris bourse, Rémy Cointreau's ( full-year performance will be in focus, ahead of a new CEO taking the helm at the French spirits company later in June. Here's more on what to look out for: Shares in Nvidia (NVDA) jumped after it reported another blowout quarter on Wednesday, despite the company warning of the impact of export controls that limit its ability to ship products to China. The chipmaker posted revenue of $44.1bn (£32.7bn) for the first quarter, beating expectations of $43.3bn, though earnings per share of $0.81 came in below estimates of $0.93. Derren Nathan, head of equity analysis at Hargreaves Lansdown, said: "The first key takeaway from Nvidia's (NVDA) Q1 print was that demand for accelerated computing remains extremely strong due to the lightning speed roll out of AI. The second is that Nvidia remains the dominant force in this market." "However, with McKinsey predicting a spend of around $7tn to help data centres keep pace with processing demands out to 2030, the market is big enough to accommodate more than just one player," he added. "Broadcom's (AVGO) custom ASIC chips can help hyperscalers lower their average cost of data processing and as such it looks well set to grow its share of the market." Read more: What's behind the surge in AI-related lawsuits? Nathan said that consensus forecasts for Broadcom's (AVGO) second quarter revenue are broadly in line with the company's guidance of approximately $14.9bn, which works out to growth of around 19%. He highlighted that artificial intelligence (AI) is a "growing share of Broadcom's (AVGO) revenue base but there's still more sales coming from non-AI workloads leaving the company exposed to cyclical ups and downs, which is a risk in today's macroeconomic environment. And with 20% of revenue coming from China, markets will be keen to hear the potential impact of export restrictions and tariffs." Nathan added that estimates for Broadcom's (AVGO) third quarter revenue have been falling slightly over the last month and currently stand at $15.8bn. "But with so many moving parts to the picture the company's steer will be a key metric to focus on," he said. Broadcom (AVGO) shares popped after the company posted first quarter results in March that beat on the top and bottom lines, driven by AI chip sales. Adjusted net revenue came in at $14.92bn, versus expectations of $14.61bn, while adjusted earnings per share of $1.60 were ahead of estimates of $1.50. However, fluctuations in the stock since then have left it up just 4.4% year-to-date. Shares in Lululemon (LULU) sunk after its earnings outlook appeared to underwhelm investors, despite the company posting better-than-expected quarterly profits in March. The athletics wear retailer said it expected earnings per share for this year to be in the range of $14.95 to $15.15, which was below expectations of $15.37. On revenue, the company said it expected this to be in the range of $11.15bn to $11.3bn. In addition, Lululemon (LULU) chief financial officer (CFO) told investors on an earnings call that the company was not expecting store traffic to improve this year versus softness out of the gate in the first quarter. Read more: Stocks that are trending today In a note on 12 May, Barclays analysts – which had an "equal weight" rating on Lululemon (LULU) – said they were "cautious" on the stock. They highlighted that the retailer's "We Made Too Much" online clearance section "showed an increase towards the end of the quarter". "During 1Q25, the WMTM category negatively inflected in the final few weeks of the quarter," they said. They said this suggested "potential for weaker exiting trends and building inventory risk". For the first quarter, Lululemon (LULU) said it expected net revenue to come in between $2.34bn and $2.36bn, which would represent growth of 6% to 7%. Diluted earnings per share are expected to be in the range of $2.53 to $2.58 for the quarter. On Wednesday, British American Tobacco (BATS.L) announced that it had sold a 2.5% stake in Indian consumer goods company ITC ( which was worth $1.5bn, according to a Reuters report. The company said that the transaction would give it "greater financial flexibility as it delivers on its commitment to invest behind transformation, deleverage and enhance shareholder returns." The tobacco giant also said that the net proceeds from the trade would be used to extend its existing share buyback programme by an additional £200m ($269.5m), taking the total amount it repurchases in 2025 to £1.1bn. That was up on £900m BAT (BATS.L) said it planned to undertake in buybacks this year back in its preliminary results release in February. Shares tumbled after the release of those results, in which the company flagged £6.2bn ($7.7bn) hit, from a proposed settlement of a long-running lawsuit in Canada. With this provision, the company posted reported profit from operations for the year of £2.74bn. Read more: Government 'megafund' pension plans could give £6k boost to savers BAT (BATS.L) posted a 5.2% decline in reported revenue for the year at £25.9bn, driven by the sale of its businesses in Russia and Belarus in September 2023 and transnational foreign exchange headwinds. However, the company saw 8.9% organic growth from revenue in its new categories business at £3.4bn. Nathan, of Hargreaves Lansdown, said that the company "heads into its upcoming [first-half] trading update with investor attention firmly on its ability to navigate persistent industry headwinds". "Regulatory pressures and rising tobacco taxes continue to weigh on the outlook," he said. "As such, this year's guidance for around 1% sales growth and 1.5–2.5% profit growth currently stands below the group's medium-term targets. The upcoming update will be closely watched for signs that 'new categories' can deliver more meaningful growth and help offset the structural decline in traditional tobacco." In addition, Nathan said that investors "will be watching closely to see if US action to crackdown on illegal competition has had any impact and whether the lifting of a proposed ban on menthol cigarettes has helped the outlook". According to consensus forecasts provided by the company on its website, analysts expect full-year total revenue for 2025 to come in at £26.2bn, including £3.88bn from new category business. Shortly after taking over as Dr Martens (DOCS.L) CEO in January, Ije Nwokorie said in a third quarter trading update that the bootmaker had made "good progress" on turning round performance in the US. He said that the team were focused on "returning the business to sustainable and profitable growth". In the third quarter, Dr Martens (DOCS.L) reported 3% growth in group revenue at £267m, with a 4% increase in direct-to-consumer business in the Americas. "Dr Martens (DOCS.L) is expected to deliver more evidence that it is pulling itself up by its bootstraps and the turnaround is lacing together," said Susannah Streeter, head of money and markets at Hargreaves Lansdown. "It's been reducing inventories and debt, preserving cash and stabilising the business overall." Stocks: Create your watchlist and portfolio "The iconic footwear company has found it hard going stomping new fashion ground overseas, with the US, its biggest market, proving particularly tough," she said. "But in the key autumn/winter season, there were signs that increased investment in marketing was paying off, with new styles winning fans. It's trying to get the heritage models and new innovations in the fashion market." Streeter said that the "performance of the last quarter will be a test" for new CEO Nwokorie. She said that the company's "strategy includes new store roll outs and increasing the direct-to-consumer mix, as well as improving the quality and depth of wholesale distribution. "It's hoped that the Docs will also take a step forward with the appointment of a new chief brand officer, Carla Murphy, a former Adidas ( global executive who also has experience at VF Corporation, the American global apparel and footwear company." In its January trading update, company didn't offer specifics on its guidance for the full year but said its outlook remained unchanged and that it was on track to achieve its objectives. Despite signs of turnaround progress, the stock is still down nearly 19% year-to-date. French cognac maker Rémy Cointreau ( announced on Wednesday that it had appointed Franck Marilly as the company's new CEO, taking over from Eric Vallat, who said last month he would be stepping down. Marilly, who assumes the role on 25 June, has previously worked for Japanese beauty brand Shiseido (4911.T), luxury fashion house Chanel and consumer goods giant Unilever (ULVR.L). The news comes as Rémy Cointreau ( navigates challenges around trade tensions with both the US and China, two of its key markets. In a fourth quarter sales update in April, Rémy Cointreau ( posted an 18% fall in full-year sales at €984.6m (£827.6m). The company flagged a "steep decline" in sales of cognac in China in the fourth quarter, which it said was partly down to "harsh market conditions", among other factors. Read more: UK 'bargain' stocks that have outperformed the market long-term In January, China launched an anti-dumping investigation on brandy imported from the European Union (EU), which was extended in April and included the imposing of temporary duties on imports of brandy. The probe was considered to be in response to EU duties on Chinese electric vehicles. Rémy Cointreau ( said in its April sales update that if the provisional duties were confirmed, the company would "trigger its action plan to mitigate the effects starting in fiscal 2025-26. The impact on fiscal year 2024-25 is marginal." In addition, there is also uncertainty around US tariffs on the EU, with talks between the two ongoing, after president Donald Trump hit pause on his threat to impose 50% duties on the bloc. Investors will be looking at Rémy Cointreau's ( final full-year results on Wednesday for any commentary around the potential impact of these tariff challenges in the year ahead. The company said in April that a €50m (£42m) cost-cutting plan would help protect its operating margin, expecting this to come in between 21% and 22% for the year. It also reiterated its financial targets for 2029-30 of hitting a gross margin of 72% and an operating margin of 33%. Monday 2 June Sirius Real Estate (SRE.L) Campbell's Co (CPB) Tuesday 3 June Chemring (CHG.L) Pennon (PNN.L) Gooch & Housego (GHH.L) Crowdstrike Holdings Inc (CRWD) Ferguson Enterprises Inc (FERG) Dollar General Corp (DG) Hewlett Packard Enterprise (HPE) Nio Inc (NIO) Signet Jewelers (SIG) Wednesday 4 June Paragon Banking (PAG.L) B&M European Value Retail (BME.L) DiscoverIE (DSCV.L) Ramsdens (RFX.L) Dollar Tree Inc (DLTR) GameStop (GME) Thursday 5 June Mitie (MTO.L) Workspace (WKP.L) Young's & Co Brewery (YNGN.L) Fevertree (FEVR.L) Fastenal (FAST) DocuSign (DOCU) Brown-Forman (BF-B) Ciena (CIEN) Wizz Air Holdings (WIZZ.L) CMC Markets (CMCX.L) Friday 6 June ABM Industries Inc (ABM) Caffyns (CFYN.L) You can read Yahoo Finance's full calendar here. Read more: How getting ahead on your tax return can help cut your tax bill Odds of more Bank of England interest rate cuts fall as food inflation rises Trump tariffs to hit UK economy next year, says IMF
