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Brown-Forman to Build on Record 2011 Performance

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Brown-Forman to Build on Record 2011 Performance

Brown-Forman to Build on Record 2011 Performance
June 13
12:19 2011

Building on record earnings and operating income in its 2011 financial year, Brown-Forman anticipates continued underlying operating income growth for 2012. The US-based international spirits and wine group reported net sales growth of 6% to more than $3.4b in 2011 and increased operating income by 20% to $855m. Excluding the gain on sale from the Hopland-based wine business and certain one-time tax benefits, reported operating income grew 13% to $802m and diluted earnings per share grew 18% to $3.57.

The strong earnings results were supported by underlying net sales growth of 4% and underlying operating income growth of 6% in what continued to be challenging economic, consumer, and competitive environments.

“I am pleased with both our financial results and our strategic progress in fiscal 2011,” says Paul Varga, chief executive of Brown-Forman. “We accelerated our growth rate of underlying net sales over last year and experienced better growth in the second half than the first half on the same measure. Importantly, Brown-Forman continued to implement strategic initiatives, most notably portfolio changes and route-to-consumer enhancements, which we believe will position our brands and company for enduring success.”

Brown-Forman delivered solid net sales growth from developed and emerging markets including Australia, the UK, Mexico, Turkey, Germany, and France. These countries, among others, fueled the company’s international performance and continued to expand its geographic breadth in fiscal 2011. Further positioning the company for continued growth in fiscal 2012 and beyond were recent enhancements to the company’s route-to-consumer in Germany, Brazil, Canada, the Netherlands, and Russia.

In fiscal 2012, the company expects to continue its strong growth internationally while improving its performance in the US. Once again, benefits from the development of existing brands, portfolio expansion, and improved route-to-consumer capabilities are expected to be key contributors to a solid underlying performance in fiscal 2012. Brown-Forman expects to continue to grow the Jack Daniel’s Family while also fueling the growth and expansion of super-premium and developing brands such as Chambord Vodka, el Jimador and Herradura tequilas, Sonoma-Cutrer, and Woodford Reserve.

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