Brown-Forman has reported net sales of $896m for the first quarter (Q1) ended 31 July 2013, up 2% and 5% on underlying basis, compared to net sales of $878m for the same period in 2012.
Net sales growth for both reported and underlying basis was negatively impacted by adverse foreign exchange and also by the difficult comparison with the prior year period when sales growth benefited from distributor and retail buy-ins related to price increases.
Gross profit increased by 3% from $464m in Q1 2012 to $477m in the latest quarter of 2013.
The company posted net income of $143m in the latest three months of 2013, down 3%, as against net income of $147m during the comparable period in 2012.
Reported operating income decreased 2% to $217m in Q1 2013, but increased 4% on an underlying basis, compared to 2012 figures.
Brown-Forman CEO Paul Varga said their first quarter unfolded largely as anticipated, and they believe Brown-Forman remains on track to deliver the fiscal 2014 full year outlook they shared last quarter.
"We expect a stronger second quarter against last year's soft comparables, when trade inventories came back into balance after the first quarter price increase buy-ins. We are confirming our full year growth outlook and remain encouraged by the global consumer's continuing interest in premium whiskey," Varga added.
Net sales growth for both reported and underlying basis was negatively impacted by adverse foreign exchange and also by the difficult comparison with the prior year period when sales growth benefited from distributor and retail buy-ins related to price increases.
Gross profit increased by 3% from $464m in Q1 2012 to $477m in the latest quarter of 2013.
The company posted net income of $143m in the latest three months of 2013, down 3%, as against net income of $147m during the comparable period in 2012.
Reported operating income decreased 2% to $217m in Q1 2013, but increased 4% on an underlying basis, compared to 2012 figures.
Brown-Forman CEO Paul Varga said their first quarter unfolded largely as anticipated, and they believe Brown-Forman remains on track to deliver the fiscal 2014 full year outlook they shared last quarter.
"We expect a stronger second quarter against last year's soft comparables, when trade inventories came back into balance after the first quarter price increase buy-ins. We are confirming our full year growth outlook and remain encouraged by the global consumer's continuing interest in premium whiskey," Varga added.
