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 17 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
- Chile's winemakers caught out by Brexit "disease"
- What's coming up in beer in 2017? - Comment
- The just-drinks Analyst - 2017 forecasts
- Interview - Pernod Ricard's luxury director
- What's coming up in wine in 2017? - Comment
- Suntory sends staff to fat camp - report
- Diageo Australia names new commercial head
- Pernod Ricard's Absolut Lime - NPD
- Former Stoli Group CEO joins Perfect Vodka owner
- US craft beer growth slows again - IRI figures
- Global vodka insights - market forecasts, product innovation and consumer trends
- The Next Seven Big Beverage Markets
- Global Cognac insights - market forecasts, product innovation and consumer trends
- Global gin insights - market forecasts, product innovation and consumer trends
- Darker Than Before: Global Prospects for Brown Spirits