Brown-Forman’s Sales Up 14% Through First Three QuartersMarch 3, 2022
Brown-Forman posted sales up 14% to $3 billion for the nine months through January, marking the first three quarters of the company’s fiscal year, as operating income grew 19% to $958 million. In the most recent quarter, sales accelerated to 22% growth to $1 billion, while operating income advanced 43% to $347 million.
Brown-Forman’s U.S. unit was up 8% over the nine-month period, with gains propelled by the core Jack Daniel’s Tennessee Whiskey and strong demand for premium Bourbons like Woodford Reserve and Old Forester as well as Tequilas El Jimador and Herradura. Jack Daniel’s in particular has been boosted by the improvement in the on-premise market in recent months. An increase in distributor inventories also had a positive impact, although supply chain disruptions continued to present challenges.
“Brown-Forman’s business remained strong as we delivered double-digit net sales growth year-to-date, even amid significant supply chain constraints, most notably glass supply,” said Brown-Forman president and CEO Lawson Whiting. For its full fiscal year, Brown-Forman is now expecting organic net sales growth of 11% to 13% and organic income growth of 12% to 16%.
In addition to releasing its results, Brown-Forman yesterday announced the appointment of Jeremy Shepherd as senior vice president and president, U.S. and Canada, effective July 15. He replaces John Hayes, who is retiring in August after 35 years with the company.—Daniel Marsteller
|Brown-Forman—Top 10 Spirits Brands in the U.S.
(thousands of 9-liter case depletions)
|1||Jack Daniel’s2||Tennessee Whiskey||5,313||5,570||4.8%|
|4||Jack Daniel’s Tennessee Honey||Flavored Whiskey||872||793||-9.1%|
|5||Gentleman Jack||Tennessee Whiskey||489||458||-6.3%|
|8||Jack Daniel’s Tennessee Fire||Flavored Whiskey||382||356||-6.8%|
|10||Jack Daniel’s Tennessee Apple||Flavored Whiskey||198||212||7.1%|
|Total Top 10||9,797||10,370||5.8%|
|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.
Source: IMPACT DATABANK © 2022