GLG News Analyses of the following article:
Brown-Forman Profit Increase Beats Analysts’ Estimates
Published at: www.bloomberg.com
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Brown Forman Has Survived Past Economic Downturns and Should Once Again
September 3, 2009
While Brown Forman's focus on the premium end of the beverage alcohol market can produce great earnings growth as it did prior to the current recession, it heightens exposure to consumer defection to lower priced substitutes when unemployment climbs and wages stagnate. As in the past, BFBC is taking advantage of economic downturn to make fundamental changes to their business that should enable them to continue to compete effectively. But cutting marketing probably shouldn't be one of them.
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