B-F Optimistic for the Future After a “Challenging” Year

Dear Client: The United States "remained a challenge for us" in fiscal 2011 (12 months ended April), said Brown-Forman cfo Don Berg, with net sales declining slightly for the year. But "we have seen some recent improvement in the pricing environment" and expect to gain some share in the US in fiscal 2012 as a result of new innovations and improved brand trends. US depletions for Jack were less than stellar, declining -3% for the fourth quarter and flat for