US: FY profits up but Q4 struggles for Brown-Forman
- FY sales up 1% to US$3.22bn
- Net profits up 3% at $449.2m
- Q4 net profits down by 9%
Tough Q4, but FY profits were up for Brown-Forman
Brown-Forman has posted a slight lift in full-year profits as sales in the period came in flat on the year before.
The US-based wine and spirits firm said today (9 June) that net profits in the 12 months to the end of April were 3% up on a year earlier at US$449.2m. Net sales inched up 1% to $3.22bn, with operating profits up 7% at $710m.
Company CEO Paul Varga described Brown-Forman's financial year as having had “some of the most challenging economic, consumer, and competitive conditions in memory”.
“We delivered what we believe to be top-tier performance in underlying net sales and operating income,” Varga added. “We grew our underlying net sales and gross profit. We effectively adjusted the brand-building mix for many of our brands, which helped us achieve our strong overall performance.”
For the final quarter of the year, net profits fell by 9% year-on-year to $72.7m as sales increased by 7% to $733m. Operating profits in the three-month period slipped by 2% to $118.5m.
Looking to fiscal 2011, Brown-Forman said it expects a “moderately better global economic environment” and “slightly improved consumer trends”. The company expects earnings per share to reach between $2.98 and $3.38.
To read the offical announcement, click here.
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