LOUISVILLE, Ky. (AP) – Brown-Forman’s third-quarter net income fell 4 percent as a strong dollar and revenue lost from brands that it sold dragged on the earnings of the maker of Jack Daniel’s Tennessee Whiskey.
The Louisville, Kentucky, company expects full-year earnings to be in the range of $1.71 to $1.76 per share, the lower end of its original forecast.
Brown-Forman reported underlying net sales growth for its Jack Daniel’s lineup Tuesday, as well as in its tequila and bourbon brands for the first nine months of its fiscal year.
Overall net sales growth in those nine months was hurt by the company’s sale of its Southern Comfort and Tuaca brands and by unfavorable foreign exchange, it said. Foreign markets account for about 60 percent of its total sales.
Brown-Forman Corp. sold Southern Comfort and Tuaca, a premium liqueur brand, to Sazerac in a deal that closed last year.