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Brown-Forman's gloomy forecasts send shares of Jack Daniel's maker tumbling
Brown-Forman's gloomy forecasts send shares of Jack Daniel's maker tumbling

Reuters

timea day ago

  • Business
  • Reuters

Brown-Forman's gloomy forecasts send shares of Jack Daniel's maker tumbling

June 5 (Reuters) - Brown-Forman (BFb.N), opens new tab forecast a decline in annual revenue and profit on Thursday, as the Jack Daniel's maker navigates soft consumer spending amid tariff-related uncertainties, sending its shares plunging about 15%. Worries of a possible recession and product price increases brought on by international trade wars have dented consumer sentiment in the U.S. and pushed people to cut back on discretionary products such as high-end alcohol. "We anticipate the operating environment for fiscal 2026 will be challenging, with low visibility due to macroeconomic and geopolitical volatility as we face headwinds from consumer uncertainty, the potential impact from currently unknown tariffs," the company said. The U.S. has doubled the tariffs on steel and aluminium imports to 50%, posing a risk for the company that also makes canned ready-to-drink products. The liquor maker had said in March Canadian provinces taking American liquor off store shelves was "worse than a tariff", but noted that it can withstand the impact as Canada accounted for only 1% of its total sales. Brown-Forman, however, benefited from the European Union dropping its planned retaliatory tariff on American whiskey. The owner of Old Forester and Woodford Reserve brands expects both organic net sales and organic operating income for fiscal 2026 to decline in the low single-digit range. It reported an increase of 1% and 3% in organic net sales and organic operating income, respectively, during fiscal 2025. The company's results were indicative of pressure on consumers and their stretched discretionary budgets rather than a decline in premium American spirits, Consumer Edge analyst Connor Rattigan said. Brown-Forman's sales during the quarter ended April 30 fell 7% to $894 million, compared with analysts' average estimate of $967.4 million, according to data compiled by LSEG. Its earnings per share of 31 cents also missed the estimate of 34 cents.

Remy Cointreau withdraws its mid-term goals and posts lower annual profits
Remy Cointreau withdraws its mid-term goals and posts lower annual profits

Reuters

time3 days ago

  • Business
  • Reuters

Remy Cointreau withdraws its mid-term goals and posts lower annual profits

PARIS, June 4 (Reuters) - French spirits group Remy Cointreau ( opens new tab reported a smaller-than-expected 30.5% drop in annual organic operating profit, withdrew its mid-term goals and said sales would return to mid-to-single-digit growth during the next financial year. The maker of Remy Martin cognac and Cointreau liqueur said on Wednesday that the lower profits reflected weak sales in its key markets of China and the United States, where the group also faces tariff threats. Remy Cointreau, which last week named luxury goods veteran Franck Marilly as its new chief executive, said it had decided to withdraw its objectives for 2029-30, citing continued uncertainty tariffs. Its group operating profit fell 30.5 percent on an organic basis to 217 million euros ($246.7 million) for the full year ended March 31, 2025, which compared with analysts' expectations of a 31.7% fall in a company-compiled consensus of 15 analysts. ($1 = 0.8796 euros)

This man sold liquor to politicians during Prohibition. He told The Post his story.
This man sold liquor to politicians during Prohibition. He told The Post his story.

Washington Post

time26-05-2025

  • Politics
  • Washington Post

This man sold liquor to politicians during Prohibition. He told The Post his story.

As the United States went through a dry spell during Prohibition, a man with a signature look kept the liquor flowing for the nation's lawmakers on Capitol Hill. George Cassiday, known as 'the Man in the Green Hat,' operated for a decade, from the start of Prohibition in 1920 through the presidencies of Warren G. Harding, Calvin Coolidge and Herbert Hoover. The 18th Amendment had been passed in 1919, banning the sale, transport and manufacture of alcohol. Cassiday made his career storing liquor in the House office building and selling it to lawmakers.

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