Brown-Forman to hold shareholder meeting, CEO Paul Varga to lay out growth plans
By APWednesday, July 21, 2010
Ahead of the Bell: Brown-Forman
NEW YORK — Liquor company Brown-Forman Corp., slugging through a weak economy that is dampening liquor sales, holds its annual shareholder meeting Thursday at its headquarters in Louisville, Ky.
CEO Paul Varga plans to tell shareholders about the company’s long-term strategy.
The maker of Jack Daniel’s Tennessee Whiskey has seen demand for its drinks fall in restaurants as people limit their spending to save money. They’re also seeking out less expensive alternatives — tough news for the company that also counts Southern Comfort, Filandia and Chambord among its brands.
The company has said more people are returning to restaurants, but they’re still not spending as they did in the past. Brown-Forman has said it expects spending will improve as unemployment shrinks.
