Investors clinked their glasses in celebration as Remy Cointreau (REMMY, REMYF) shares surged on Friday, buoyed by the company’s less somber sales forecast for the U.S. and China.

The stock soared, climbing as much as 14% from Thursday’s closing price.

Remy Cointreau’s Cognac division reported a sales dip of up to 34%, but its Liqueurs & Spirits arm boasted a 4.3% sales uptick, attributed to “good momentum and positive phasing effect” in the U.S.

The company also remains on track to elevate cognac inventories to more robust levels in the U.S. and mitigate the aftershocks of the post-COVID normalization, paving the way for a promising start into 2024-25.

Furthermore, the company has pledged to shield profitability by prudently managing expenses and safeguarding its gross margin in an enduringly inflationary environment.

Looking ahead, Remy Cointreau holds sanguine long-term goals, aspiring to emerge as the “global leader in exceptional spirits” and achieve a gross margin of 72% by 2029-2030.