Brown-Forman Sales Up 6% In Full YearJune 6, 2012
For its fiscal year ended April 30, Brown-Forman’s sales rose 6% to $3.6 billion, bolstered by a strong performance from the Jack Daniel’s franchise, particularly its Tennessee Honey offshoot. According to CEO Paul Varga, sales are expected to continue growing by the high single-digits in fiscal 2013, despite upcoming price hikes.
“After several years of partially absorbing cost increases, we are planning for price increases to be a larger contributor to our total revenue growth, covering cost inflation and improving our relative price positions in the marketplace,” said Varga. The company’s net income fell 10% to $513.2 million for the year.
Brown-Forman saw sales growth slow to 1% in its fourth quarter, as foreign exchange fluctuations and the $238 million sale of Fetzer Vineyards to Concha y Toro in the year-earlier period led to a 37% net income decline for the quarter.
Tagged : Brown-Forman