Jack Daniel’s Resurgence Leads Brown-Forman’s Annual Sales To $3.9 Billion
June 8, 2022Boosted by a 27% increase in the final quarter, Brown-Forman has posted full-year net sales up 17% to $3.9 billion on an organic basis for its fiscal year ended in April. Operating income jumped 27% organically to $1.2 billion, although it rose a more modest 3% on a reported basis.
In the U.S., Brown-Forman’s annual sales rose by a robust 12%, led by the core Jack Daniel’s Tennessee Whiskey as well as volume gains and price hikes on premium Bourbon labels Woodford Reserve and Old Forester. Woodford crossed the 1.1-million-case mark in the U.S. in calendar 2021, according to Impact Databank, and Brown-Forman noted that Old Forester surpassed 400,000 cases in the 12 months through April. Tequila brands Herradura and El Jimador likewise contributed to growth, with sales advancing by double-digits.
Brown-Forman said its U.S. results benefited from “an estimated net increase in distributor inventories,” but were weighed down some by supply chain challenges on Jack Daniel’s Tennessee Honey. The company also took a $52 million non-cash impairment charge on Finlandia, related to Brown-Forman’s suspension of operations in Russia amid the war in Ukraine.
“We achieved these results due in large part to the resurgence of Jack Daniel’s Tennessee Whiskey, which experienced strong consumer demand as the on-premise channel reopened around the world,” said Brown-Forman president and CEO Lawson Whiting. “Equally important, we believe we are well positioned for continued growth in the fiscal year ahead.” Indeed, despite the turbulent environment, Brown-Forman is targeting mid single digit growth in both organic net sales and organic operating income for its current fiscal year, ending in April 2023.—Daniel Marsteller
| Brown-Forman—Top 10 Spirits Brands in the U.S. (thousands of 9-liter case depletions) |
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| Rank | Brand | Origin/Type | 2020 | 2021 | Percent Change1 |
|---|---|---|---|---|---|
| 1 | Jack Daniel’s2 | Tennessee Whiskey | 5,313 | 5,570 | 4.8% |
| 2 | Woodford Reserve3 | Bourbon | 977 | 1,119 | 14.5% |
| 3 | El Jimador | Tequila | 732 | 848 | 15.8% |
| 4 | Jack Daniel’s Tennessee Honey | Flavored Whiskey | 872 | 793 | -9.1% |
| 5 | Gentleman Jack | Tennessee Whiskey | 489 | 458 | -6.3% |
| 6 | Old Forester4 | Bourbon | 320 | 378 | 18.1% |
| 7 | Herradura | Tequila | 229 | 363 | 58.5% |
| 8 | Jack Daniel’s Tennessee Fire | Flavored Whiskey | 382 | 356 | -6.8% |
| 9 | Korbel | American Brandy | 285 | 273 | -4.3% |
| 10 | Jack Daniel’s RTDs5 | Premixed Cocktail | 134 | 260 | 94.0% |
| Total Top 10 | 9,733 | 10,418 | 7.0% | ||
| 1 Based on unrounded data. 2 Excludes flavors and RTDs/FMBs; includes Single Barrel, Rye, No. 27 Gold, and Sinatra. 3 Includes Double Oaked, and Reserve Rye. 4 Includes 86 proof, 100 proof, and craft. 5 Excludes Country Cocktails (malt-based) Source: IMPACT DATABANK © 2022 |
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Tagged : Brown-Forman, El Jimador, Herradura, Jack Daniel's
