US: Earnings down in first quarter at Brown-Forman
US spirits and wines group, Brown-Forman, posted a profit of $36.1m, or 53 cents a share, for the first quarter to the end of July, down 8% from $39.2m, 57 cents, in the corresponding quarter last year. The company said it had absorbed the impact of shifting to selling spirits directly to retailers in the UK, its second largest market, during the first quarter. In May, the company announced it would be selling spirits directly from the beginning of August via a joint venture with Bacardi. It said the initiative, which brought a previous distribution deal with Diageo to a close, reduced first-quarter earnings by about 13 cents, largely due to a change in the way it booked revenue.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-drinks gives you the widest beverage market coverage.
Paid just-drinks members have unlimited access to all our exclusive content - including 14 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Olly Wehring, editor of just-drinks
- Scottish Independence and Scotch Whisky
- Comment - Heineken's 'No' Cuts SABMiller Options
- SABMiller spurned by Heineken: The start of the en
- Irish whiskey eyes a slice of Scotch's global pie
- Can the New World Learn a Lesson from the Old?
- Diageo's Special Releases 2014
- LIVE BLOG: Industry responds to Scotland 'No' vote
- Diageo ups Johnnie Walker Formula One presence
- William Grant opens Tullamore D.E.W. distillery
- Rabobank warns of "mountainous task" for Scotch