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Brown-Forman Corporation

BFB

Brown-Forman is a diversified producer and marketer of consumer products. Brown-Forman consists of two business units: Beverages and Consumer Durables. The Beverage unit includes both wine and spirits brands, which are produced, marketed and sold on a world-wide basis. Approximately two-thirds of the unit’s sales are generated in the United States, which is Brown-Forman's largest market. The Consumer Durables unit includes tabletop, collectibles and luggage products marketed under the Lenox, Dansk, Gorham, Kirk Stieff and Hartmann brand names. The sales are derived from three primary channels: department stores; Company-owned retail outlet stores, and direct-to-the-consumer through catalogs, direct mail and the Internet. During the fiscal year ended April 2005, the Beverage unit generated approximately 98% and the Consumer Durables unit generated the remaining 2% of the Company's total operating income.

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