Brand investment boost for Fortune
Fortune Brands is increasing marketing investment in its key spirits brands in a bid to boost sales during the economic slump.
The Jim Beam and Cruzan rum company saw flat sprits sales in the third quarter of 2009, with overall sales for the group -which includes homeware and golf products - down 11% at $1.7 billion.
Bruce Carbonari, chairman and chief operating officer, said: "Spirits sales were flat, benefiting from higher sales of Jim Beam and Canadian Club, the Cruzan acquisition, and strong growth in emerging markets, offset by results in other international markets."
Carbonari added that the fourth quarter would reflect the impact of "double-digit year-over-year boost in brand investment behind key spirits brand".
He went on: "While we are encouraged by the continued stability of our spirits business we anticipate that consumers will remain cautious in the months ahead."
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