Jack Daniel’s Experiences “Tough” Q3

Dear Client:Market conditions in the third quarter were challenging and tested our resiliency, said cfo Don Berg, although Brown-Forman continued to grow its underlying business. The strengthening U.S. dollar negatively affected sales in addition to the continued consumer shift from the on-premise to the off-premise. B-F also saw some acceleration of trading down in the United States, and saw suppliers, wholesalers and retailers around the world significantly reduce their inventories “in what we believe was a quest for cash and