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VOL. 36 | NO. 48 | Friday, November 30, 2012
Brown-Forman reports 10 percent net income growth
LOUISVILLE, Ky. (AP) — Liquor producer Brown-Forman Corp. says its second-quarter net income rose 10 percent on continued robust sales for its flagship Jack Daniel's brands and other parts of its spirits lineup.
Despite the upswing, the company said Wednesday its net sales growth was hampered somewhat by distributors and retailers stocking up in advance of price increases for many Brown-Forman brands.
Brown-Forman reported net income of $173 million, or 80 cents, per share, for the three months ended Oct. 31. That's up from $157.6 million, or 73 cents per share, a year ago. Net sales were flat at just over $1 billion.
Analysts surveyed by FactSet expected earnings of 78 cents per share on revenue of $946.7 million.
Second-quarter net sales rose 9 percent for the Jack Daniel's brand when excluding currency swings.