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Article: Brown-Forman 1Q profit rises on lower costs
- Article from:
- AP Online
- Article date:
- September 2, 2009
- Author:
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Liquor company Brown-Forman Corp. reported a 38 percent surge in first-quarter profit Wednesday as lower operating expenses related to job cuts and a seasonal drop in advertising offset sluggish sales for such key brands as Jack Daniel's Tennessee Whiskey, Southern Comfort and Finlandia vodka.
The company said results were hurt by declines in drinking at bars and restaurants and in consumers trading down to less expensive drinks. The stronger dollar also hurt results in export markets, which account for more than half the company's sales.
Still, Brown-Forman reaffirmed its full-year profit forecast of $2.60 to $3 per share.
"We are pleased with our good start to the ...