Earnings of Remy Cointreau SA exceeded forecasts of analytics, Bloomberg reports. Cognac maker recently moved towards high end drinks, which helped to increase sales.

Current operating profit grew by 10% to 138 million euro in first half of this year. Analytics' estimate was 132 million euro.

Gross margin widened by about 1% due to sales boost and cost control.

Better profits are attributed to the company’s leaders that recently focused on more expensive products. As a result Remy Cointreau dropped such cheap brands as fruit liquor Passoa that was sold for $15 per bottle and prioritized cognacs and other drinks costing $50 per bottle and more.

Stocks of company gained 0,7% this morning. This year they already lost 9% and might show first yearly decline since 2014.