Brown-Forman has confirmed details of its latest quarterly dividend.

The US-based company, which owns the Jack Daniel's and Southern Comfort spirit brands, said yesterday (20 November) that it will pay US$0.2875 per share on its class A and class B common stock. The payment, which represents a 5.7% increase on the previous quarter's dividend, will be paid on 2 January to shareholders on record on 8 December.

As a result, the indicated annual cash dividend will rise from $1.088 to $1.15 per share.

"We are pleased to increase our dividend reflecting the strength of our cash flows, the health of our balance sheet, and our confidence in the long-term growth prospects for the company," said CEO Paul Varga.

In August, Brown-Forman posted a 7% slide in net profit for its first quarter, coming in at $95m. Operating profit for the three months to the end of June also fell, by 10% to US$155m. Sales, however, were up by 7% to $790m. The company blamed a lack of fit and healthy agave plants for the net profit decrease.