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VOL. 36 | NO. 34 | Friday, August 24, 2012
Brown-Forman posts 25 percent net income growth
LOUISVILLE, Ky. (AP) — Liquor producer Brown-Forman Corp. says its first-quarter net income surged 25 percent on the strength of double-digit sales growth for its flagship Jack Daniel's brand.
The company said Wednesday that its U.S. results remain robust despite weak trends at bars and restaurants. It says net sales outside the U.S. grew 10 percent, with especially strong growth in emerging markets.
The company says net sales of its Finlandia vodka brands grew 20 percent. Southern Comfort showed signs of a rebound.
Brown-Forman reported net income of $147.5 million, or 69 cents per share, for the three months ended July 31. That's up from $118.1 million, or 54 cents per share, a year ago. Net sales were up 4 percent at $878.1 million.
Analysts surveyed by FactSet expected earnings of 63 cents on net sales of $840.6 million.