American spirits producer Brown-Forman posted a loss of $52 million in the fourth quarter of fiscal 2022 (ending April 30) due to the suspension of operations in Russia. About reported on the company website.
“In the fourth quarter, we suffered a non-cash loss of $52 million from the depreciation of our Finnish brand,” the press release said.
They also added that the forecast for this brand has deteriorated due to the fact that the Finnish brand has exited the Russian market, which is its main sales channel.
On March 9, the American company Brown-Forman, which owns Jack Daniel’s whiskey and Finnish vodka, announced About the suspension of activities in the Russian Federation on Twitter.
In early April, the press service of Rosalkogolregulirovanie stated that there is no shortage of whiskey and cognac in Russia. The ministry added that there will be no shortage of strong alcohol in the country in the future, as businesses are ready to increase their production volumes in case of demand.
Source: Gazeta
Barbara Dickson is a seasoned writer for “Social Bites”. She keeps readers informed on the latest news and trends, providing in-depth coverage and analysis on a variety of topics.