Date: Thu, 18 Dec 1997 05:10:58 GMT Server: Apache/1.1.3 Content-type: text/html Content-length: 2911 Last-modified: Thu, 16 Oct 1997 18:29:10 GMT
We achieved record earnings in Fiscal 1997. Both Brown-Forman Beverages
Worldwide and Lenox, improved their results and are poised for future success.
Over 3 years ago, Brown-Forman began positioning itself for improved, sustainable
growth. We dedicated significant resources to 3 initiatives: expanding our
international reach; developing successful new products; and improving results
at Lenox. Since then, net sales have increased at more than 4.2% per year
gross profit has grown at a rate of 4.6%; and operating income has increased
an average of 5% per year.
These and other factors contributed to an 8.5% growth rate, for earnings
per share over the period, up from the 3.7% rate that prevailed in the early
'90s. But it's because we have achieved this, all while making significant
investments in future growth opportunities, that I'm optimistic about Brown-Forman's
prospects, and believe my optimism is widely shared throughout the company.
Copyright © 1996, Brown-Forman Corporation. Revision August 25, 1997