Brown-Forman Sales Up 20%, Driven by American Whiskies and TequilaSeptember 1, 2021
Brown-Forman reported $906 million increase in net sales for the three months ended July 31, marking a 20% gain over the year-earlier period. Sales growth was driven by the Jack Daniel’s family—in particular Jack Daniel’s Tennessee Apple, up 44% year over year. Woodford Reserve also made a strong contribution, up 30%, as did Herradura Tequila, up 76%. The company reported operating income of $289 million, a decline from last year attributable primarily to its sale of Early Times, Canadian Mist, and Collingwood to Sazerac in June 2020.
“These results were driven by the strength of our portfolio, which benefited from the reopening of the on-premise, sustained at-home consumption, and continued premiumization trends,” said Brown-Forman president and CEO Lawson Whiting. “While we are optimistic the operating environment will continue to improve, we are closely monitoring the potential volatility associated with the evolving pandemic and continued supply chain disruptions.”—Danny SullivanSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.