Scotland-based Edrington has posted sales down 10% to £912 million ($1.2b) for the 12 months through March, citing a “challenging economic environment,” as profit before tax fell 26% to £274 million ($373m). Despite the overall decline, Edrington said leading brand The Macallan “recorded its second-highest year ever for sales, reinforcing its position as the world’s number-one single malt Scotch whisky by value.”

According to Impact Databank, The Macallan had global retail value of $1.26 billion last year—just ahead of second-ranked single malt The Glenfiddich—on volume of 944,000 9-liter cases. Other key brands in the portfolio include Brugal rum and Highland Park single malt Scotch.

“The political and economic backdrop remains volatile, which we expect will continue to weigh on consumer sentiment in the coming year,” said Edrington CEO Scott McCroskie. “We believe top-line growth will be difficult to come by in this environment.”

Edrington has U.S. volume above 400,000 cases, led by The Macallan at over 222,000 cases. Company veteran Jeremy Speirs was recently named managing director of Edrington Americas. Speirs has been with Edrington since 2002 and has served in a variety of senior roles across the company’s global footprint. Most recently he was regional managing director for global travel retail, overseeing the launch of the Macallan’s Colour Collection and the brand’s 200th anniversary.—Daniel Marsteller