Brown-Forman Q1 net sales marginally increase
Brown-Forman, a wine and spirits company in the US, has reported net sales of $744.9m for the first quarter of fiscal 2011, an increase of 3% compared to $737.9m in the same quarter last year.
Brown-Forman’s net sales growth came from the Jack Daniel’s family, el Jimador, New Mix, Sonoma-Cutrer, Woodford Reserve, Tequila Herradura, and Finlandia, while Southern Comfort declined.
The company’s international growth continued as gains in several markets including Australia, Germany, Mexico, the UK, and Turkey drove top-line growth and offset soft performance in the US.
The company continued its introduction and expansion of brand and marketing innovations during the quarter. New packages for the Southern Comfort family, Chambord, and Tuaca are now on retail shelves. Shipments of Chambord Vodka and Southern Comfort Lime also began during the quarter.
The company has posted an operating income of $172.7m for the quarter, a decerase of 10% compared to 192m in the previous year quarter. The company registered net income of $111.4m or $0.76 per diluted share, a decrease of 8% compared to $121.4m or $0.81 per diluted share in the prior year quarter.
Brown-Forman confirms its fiscal 2011 full-year earnings outlook of $2.98 to $3.38 per share and anticipates underlying operating income growth in the mid-single digits for its fiscal 2011.
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