B-F Sales Flat in “a Year Like No Other”

Dear Client:  Brown-Forman's underlying net sales were flat globally for the fiscal year ended April 30, a year "marked by significant disruption," per a release.  Indeed, "we began the year with a business environment in which our margins continued to be weighed down by tariffs and high agave costs to end the year with a global pandemic and its resulting effect on the global economy that we are still facing today," said cfo Jane Morreau on this morning's earnings call. During the call,