The Fairport, N.Y., wine and spirits outfit made $66 million, or 28 cents a share, for the quarter ended Aug. 31, down from the year-ago $80 million, or 34 cents a share. Sales rose to $1.42 billion from $1.19 billion a year earlier. On a so-called comparable basis, earnings were 43 cents a share in the latest quarter. Analysts were looking for a 43-cent profit on sales of $1.41 billion.
The company trimmed its full-year earnings guidance to a range of $1.72 to $1.76 a share from the previous $1.72 to $1.80, citing U.K. competition. Analysts were looking for $1.75.