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VOL. 37 | NO. 48 | Friday, November 29, 2013
Jack Daniel's sales drive Brown-Forman earnings
LOUISVILLE, Ky. (AP) — Liquor producer Brown-Forman Corp. says its second-quarter net income rose 19 percent, fueled by strong demand for its flagship Jack Daniel's brand.
The company on Wednesday reported first-half underlying net sales growth both in the U.S. and overseas.
Louisville-based Brown-Forman says the full Jack Daniel's lineup posted an 8 percent increase in net sales over the first six months of the year, excluding currency swings. Net sales for the period dropped for its el Jimador, Finlandia and Southern Comfort brands.
The company reported net income of $206 million, or 96 cents per share, in the quarter. That's up from $173 million, or 80 cents per share, the year before. Quarterly net sales rose 6 percent to $1.08 billion.
Analysts surveyed by FactSet expected earnings of 91 cents per share on net sales of $1.11 billion.