WKRN, Nashville, Tennessee News, Weather, and Sports |Brown-Forman 3Q profit falls on higher expenses
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Associated Press - March 10, 2010 8:25 AM ET
LOUISVILLE, Ky. (AP) - The maker of Jack Daniel's whiskey and Korbel champagne says its fiscal third-quarter profit slipped, pinched by higher expenses.
Brown-Forman Corp. also narrowed its full-year earnings forecast to account for a charge, sales trends and other items.
Net income dropped 13 percent to $107.9 million, or 73 cents per share, for the three months ended Jan. 31.
Excluding a trademark impairment charge of 7 cents per share, profit was 80 cents per share. That beat analysts' 70 cents-per-share estimate.
Brown-Forman says selling, general and administrative expenses climbed to $131.5 million from $113.1 million.
Sales grew 10 percent to $861.7 million, topping Wall Street's $817 million.
Brown-Forman is based in Louisville, Ky.
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