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Brown-Forman Posts Full-Year Sales Up 6% To $3.5 Billion

June 9, 2021

Boosted by a 14% surge in the fourth quarter, Brown-Forman saw net sales for its full fiscal year ended in April increase 6% on an organic basis to $3.5 billion, with operating income rising 4% to $1.2 billion. In the U.S., net sales growth registered 10% for the fiscal year, driven by the company’s American whiskey and Tequila portfolios.

Brown-Forman’s Woodford Reserve, Gentleman Jack, Old Forester and Jack Daniel’s Tennessee Apple whiskies all earned Impact “Hot Brand” honors for their 2020 performances in the U.S. market, and they were joined on the honor roll by stablemate Herradura Tequila, which competes in the upscale segment of the category.

Globally, the overall Jack Daniel’s family saw sales increase 4% in the fiscal year, while the premium Bourbon portfolio including Woodford and Old Forester was up by double-digits and the Tequila unit grew by 14%. Among key milestones over the past year, Jack Daniel’s RTDs depleted over 12 million cases globally in the year through April, while Jack Daniel’s flavors depleted over 3 million cases and Gentleman Jack climbed past 800,000 cases.

Outside the U.S., Brown-Forman saw its developed international markets increase by double-digits and emerging markets rise by mid single-digits, with that growth partially offset by weakness in the travel retail market amid the pandemic.

“We remain confident in the collective strength of our markets and should benefit from the reopening of the on-premise channel and increase in tourism,” noted executive vice president and CFO Jane Morreau. “Additionally, our portfolio remains well positioned to capitalize on the continuing spirits premiumization trend. For fiscal 2022, we anticipate mid-single digit growth in underlying net sales and operating income.”

Brown-Forman’s Leading Spirits Brands in the U.S.
(thousands of 9-liter case depletions)
Brand Origin/Type 2019 2020 Percent
Change
Jack Daniel’s1 Tennessee Whiskey 5,307 5,204 -1.9%
Woodford Reserve2 Bourbon 792 977 23.4%
Jack Daniel’s
Tennessee Honey
Flavored Whiskey 766 872 13.8%
El Jimador Tequila 678 732 8.0%
Gentleman Jack Tennessee Whiskey 418 489 17.0%
Jack Daniel’s
Tennessee Fire
Flavored Whiskey 401 382 -4.7%
Old Forester3 Bourbon 271 320 18.1%
Korbel Brandy 273 285 4.4%
Total Leading Brands 8,906 9,261 4.0%
1 excludes flavors, Gentleman Jack, Single Barrel, and Rye
2 Includes Rye and Double Oaked
3 Includes 86 Proof, 100 Proof and Craft
 

Source: IMPACT DATABANK © 2021

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