B-F Taking More Moderate Pricing in Fiscal 2014

Dear Client: Coming off a "stellar" fiscal 2013, Brown-Forman delivered underlying sales growth of 5% in the US in the first quarter (ended July 31) of fiscal 2014. Super and ultra premium whiskey brands continued to drive sales for the company and price/mix contributed 4% to sales growth. Tennessee Honey continued to do well, still growing in the 30%-40% range in the US. All in all, things "unfolded largely as anticipated" for the company, said B-F chief Paul Varga. B-F