LOUISVILLE, Ky. — Liquor producer Brown-Forman Corp. says its first-quarter net income fell 3 percent amid lower sales for a range of spirits compared with a year ago, when retailers stocked up ahead of price increases.
Sales for the company’s flagship Jack Daniel’s brand rose in the three months ended July 31. But the company on Wednesday reported lower sales for el Jimador, Finlandia and Southern Comfort when excluding currency swings.
Brown-Forman’s net income was $143 million, or 66 cents per share, for the quarter. That’s down from $147 million, or 69 cents per share, the year before. Net sales rose 2 percent to $896 million.
Analysts surveyed by FactSet expected earnings of 71 cents per share on net sales of $902.5 million.
Brown-Forman shares fell 38 cents to $68.64 in premarket trading.