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Latest News, News Today – Bollywood, Trending, India, World, Business, Politics – HNN > Blog > Business > Brown-Forman, The Company That Produces Jack Daniel’s, Reports Falling Whiskey Sales And Narrower Profit
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Brown-Forman, The Company That Produces Jack Daniel’s, Reports Falling Whiskey Sales And Narrower Profit

Last updated: 2023/08/30 at 8:38 PM
By News Desk
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Brown-Forman, the producer of Jack Daniel’s, missed Wall Street forecasts for the first quarter of fiscal 2024 on Wednesday due to weak whiskey sales, supply issues, and a substantial inventory rebuild.

  • ESSENTIAL POINTS
  • For its first fiscal quarter, Kentucky-based Brown-Forman Corporation failed to meet Wall Street forecasts.
  • The firm that sells wines and spirits kept its outlook for the entire year.
  • Sales of whiskey trailed behind those of ready-to-drink beverages and tequila, but the firm experienced modest gain overall.
image 94

Woodford Reserve and Gentleman Jack were the leading brands in the 1% decline in net sales for whiskey products. Lower distributor stocks across the United States, according to the firm, contributed to flat sales for Jack Daniel’s Tennessee Whiskey. “As expected, the difficult shipment comparison from fiscal 2023, when we rebuilt inventory impacted by prior glass supply challenges, had an impact on our first quarter growth,” stated CEO Lawson Whiting.

image 95

In the United States, net sales fell 8% despite volume decreases. The firm had growth in the ready-to-drink (RTD) and tequila segments during this time. El Jimador tequila brand experienced net sales increase by 27%, while New Mix RTD drinks witnessed high net sales growth of 52%. Another plus was the company’s recent acquisition of its Diplomático and Gin Mare brands.

image 96

“We continue to be confident in the strength of our people, our brands, and our business, and reaffirm our full-year fiscal 2024 guidance of 5-7% organic net sales growth and 6-8% organic operating income growth,” Whiting said in a statement. The Kentucky-based wine and spirits business announced total quarterly sales that was up 3% from the prior year and kept its full-year forecast unchanged.

Also Read:KARIZMA: Will Hero MotoCorp Become Known For High-End Motorbikes In India Thanks To The Legendary Karizma Brand?

image 97

Following are Brown-Forman’s results for the three months that ended on July 31 in comparison to analyst expectations, as reported by Refinitiv’s consensus estimates: 48 cents in earnings per share vs the anticipated 53 cents Revenue: $1.04 billion vs the anticipated $1.05 billion Brown-Forman reported net income of $231 million, or 48 cents per share, for the period, which is 7% less than the same period a year earlier when it earned $249 million, or 52 cents per share.

image 98

During the quarter, marketing and operations expenditures skyrocketed, exceeding sales growth and dragging on earnings. The introduction of its Jack Daniel’s & Coca-Cola RTD product, greater investment in Jack Daniel’s Tennessee Whiskey, and acquisitions were the main drivers of the reported advertising expense’s 19% rise.

Also Read:ONGC Announces Investments Of Rs 2 Lakh Crore In Energy Transformation Programs

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