(Reuters) - Jack Daniel's maker Brown-Forman missed quarterly profit expectations on Wednesday, hurt by higher input costs and sluggish demand for its ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOS - Jack Daniel's maker Brown-Forman missed quarterly profit expectations on Wednesday, hurt by higher input costs and sluggish demand for its pricier whiskeys like Woodford Reserve and Gentleman Jack in the U.S.
Higher input costs, including for agave, grains and wood, took a toll on the spirits maker, even as shipment volumes declined in the United States after wholesalers worked to trim inventories. Advertising expenses in the quarter rose 19%, while overall expenses were up 14% as it also battled a tough labor market.
Gross margin for the quarter ended July 31 was 62.7%, up from 61.8% a year ago, as the company benefited from a let-up in supply-chain snags.
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