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Brown-Forman Posts Sales Up 17% To $1 Billion In First Quarter

August 31, 2022

Brown-Forman saw solid growth in its core whiskey brands help deliver a 17% organic increase in net sales to $1 billion for its fiscal first quarter ended in July. The company’s sales were boosted somewhat by a net increase in distributor inventories during the period, including a 5% rise in the U.S. Operating profit was up a robust 32% organically to $343 million. Brown-Forman also amped up its marketing investment by 28% in the first three months of its fiscal year.

In the U.S., Brown-Forman’s sales increased 7% in the first quarter. Woodford Reserve, Jack Daniel’s Tennessee Honey, and Jack Daniel’s Tennessee Fire all showed volume growth during the period, partially offset by declines in Jack Daniel’s Tennessee Whiskey and Korbel California Champagne, which the company said were due to strong comparisons with the same period last year.

Globally, the Jack Daniel’s family of brands grew by 19% organically, including a 21% jump from the flagship Tennessee Whiskey, while Woodford Reserve leapt 39% and Jack Daniel’s RTDs propelled a 21% increase in the group’s ready-to-drink segment. The new Jack Daniel’s Bonded series also contributed to growth.

“Our strong strategic position, premium portfolio, continued innovation, and investment behind our brands have once again delivered double-digit revenue growth,” said Brown-Forman president and CEO Lawson Whiting. “While there is continued uncertainty in the market, I remain optimistic we can continue this momentum and deliver on both short- and long-term growth ambitions.” Brown-Forman’s guidance calls for mid single-digit growth in net sales and operating profit for its full fiscal year ending next April.—Daniel Marsteller

Brown-Forman—Top Ten Spirits Brands
Rank Brand Origin/Type Total 2020
Depletions1
Control States
Volume Growth
YTD2
1 Jack Daniel’s3 Tennessee Whiskey 5,316 -1.7%
2 Woodford Reserve4 Bourbon 977 8.2%
3 Jack Daniel’s
Tennessee Honey
Flavored Whiskey 872 -12.3%
4 El Jimador Tequila 732 -13.2%
5 Gentleman Jack Tennessee Whiskey 489 -12.3%
6 Jack Daniel’s
Tennessee Fire
Flavored Whiskey 382 -9.6%
7 Old Forester5 Bourbon 320 2.3%
8 Korbel Brandy 285 -10.6%
9 Herradura Tequila 229 -10.0%
10 Jack Daniel’s RTDs6 Premixed Cocktails 134 158.5%
Total Top Ten 9,733 -1.6%
Total Brown-Forman7 11,052 -2.0%
1 Thousands of 9-liter cases.
2 Year-to-date through July.
3 Excludes flavors and RTDs/FMBs; includes Single Barrel, Rye, No. 27 Gold and Sinatra.
4 Includes Double Oaked and Reserve Rye.
5 Includes 86 proof, 100 proof and craft.
6 Excludes Country Cocktails (malt-based).
7 Excludes wine and FMBs.

Sources: NABCA and IMPACT DATABANK © 2022
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