date:Aug 29, 2014
Better price/mix, along with lower costs helped deliver gross margin expansion of 50bps. Underlying AP spend declined by 4% (-4% reported) due largely to timing, and underlying SGA increased by 8% (+9% reported), reflecting the impact from the route-to-market changes made in France on January 1, 2014.
Financial Stewardship
On July 24, 2014, Brown-Forman declared a regular quarterly cash dividend of $0.29 per share on its Class A and Class B common stock. The cash dividend is payable on Octobe