Brown-Forman Q3 Sales Up 10%
Brown-Forman has reported net sales of $861.7m for the third quarter ended January 31, 2010, an increase of 10% compared to $784.1m for the same quarter previous year. Operating income for the quarter was $173.9m compared to $177.2m for the prior year quarter.
Net income for the quarter was $107.9m or $0.73 per diluted share compared to $123.4m or $0.81 per diluted share in the corresponding quarter last year.
For the nine month period, net sales were $2.5bn, 1% lower than the same period prior year. Operating income for the period increased 10% to $591.5m from $539.6m in the last year period.
Net income for the quarter was $376.5m, an increase of 6% compared to $354.8m in the corresponding period a year ago. Diluted earnings per share increased 8% to $2.53 for the first nine months of fiscal 2010.
Paul Varga, chief executive officer of Brown Forman, said: “We are pleased to deliver underlying net sales growth for our third quarter and fiscal year-to-date. During a challenging environment, we believe our people have been resilient, our brands have remained healthy, and our performance remains at or near the top of the industry.
“While the operating environment remains both difficult and competitive, I believe we have the portfolio, the distribution assets, the people, and the innovation capacity to continue our top-tier underlying net sales performance.”
The company narrowed its fiscal 2010 full-year earnings outlook to $2.98 to $3.08 per share, which incorporates the $0.07 per share non-cash trademark impairment charge.
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