Dive Brief:
- Brown-Forman reported a 5% rise in both net income and sales in its fiscal first quarter.
- The distiller cited a strong performance by its flagship Jack Daniels brand for the results. In particular, sales of Jack Daniel's Tennessee Honey rose 29% in the quarter.
- On a more ominous, but not unexpected note, Brown-Forman warned that the political crisis in Russia and Ukraine is likely to hurt revenue for the remainder of the year.
Dive Insight:
First Carlsberg and Heineken, now Brown-Forman. And undoubtedly there will be more to come. Unless and until a political solution is found to the Russian crisis, we can expect lots of earnings warnings, followed by revenue declines, in the weeks ahead.