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Brown-Forman Reports First Half Fiscal 2024 Results; Revises Full Year Outlook

LOUISVILLE, Ky.–(BUSINESS WIRE)–Brown-Forman Corporation (NYSE: BFA, BFB) reported financial results for its second quarter and first half of fiscal 2024 ended October 31, 2023. Second quarter reported net sales increased 1%1 to $1.1 billion (-1% on an organic basis2) compared to the same prior-year period. In the quarter, reported operating income increased 8% to $339 million (+9% on an organic basis) and diluted earnings per share increased 6% to $0.50.


For the first six months of the fiscal year, the company’s reported net sales increased 2% to $2.1 billion (+1% on an organic basis) compared to the same prior-year period. First half reported operating income increased 1% to $666 million (+1% on an organic basis) and diluted earnings per share decreased 1% to $0.98.

Brown-Forman’s President and Chief Executive Officer Lawson Whiting stated, “Our first half fiscal 2024 results illustrate Brown-Forman’s ability to deliver continued growth, even amid dynamic market conditions and very strong comparisons from the prior-year period. While we grew at a slower pace than anticipated, we delivered strong gross margin expansion and continued to invest strongly behind our brands. We continue to believe our premium portfolio and broad geographic footprint will position us for accelerated growth in the second half of the fiscal year.”

First Half of Fiscal 2024 Highlights

  • Reported net sales growth was driven by Emerging3 markets and supported by growth in Developed International3 markets and the Travel Retail3 channel, partially offset by declines in the United States.
  • From a brand perspective:
    • The recently acquired Gin Mare and Diplomático brands collectively increased the company’s reported net sales by 2%,
    • New Mix RTD delivered very strong reported net sales growth of 41% (+22% organic), and
    • Jack Daniel’s Tennessee Apple delivered double-digit reported net sales growth of 51% (+52% organic).
  • Reported net sales growth was partially offset by Jack Daniel’s Tennessee Whiskey’s reported net sales decline of 4% (-2% organic).
  • Reported gross profit increased 7% (+7% organic) with gross margin expansion of 280 basis points.
  • The company increased reported advertising expense by 17% (+12% organic) to support investment behind its brands for long-term sustainable growth.
  • The Brown-Forman Board of Directors authorized a $400 million share repurchase program and increased the quarterly cash dividend for the 40th consecutive year.

First Half of Fiscal 2024 Brand Results

  • Compared to strong results in the same prior-year period, reported net sales for Whiskey3 products declined 2% (-1% organic). The Jack Daniel’s Family of Brands’3 reported net sales declined 1% (flat on an organic basis) driven by lower volumes for Jack Daniel’s Tennessee Whiskey, Jack Daniel’s Tennessee Honey, and Gentleman Jack partially offset by the growth of Jack Daniel’s Tennessee Apple and Jack Daniel’s super-premium expressions led by Jack Daniel’s Sinatra, Jack Daniel’s Bonded Rye, and Jack Daniel’s Single Barrel. With an exceptionally high comparison in the same prior-year period, Woodford Reserve’s reported net sales declined 3% (-3% organic) and Old Forester’s reported net sales declined 5% (-5% organic).
  • Ready-to-Drink3 (RTD) growth continued to be led by consumer preference for convenience and flavor. New Mix’s reported net sales increased 41% (+22% organic) boosted by higher prices and volumes. Reported net sales of Jack Daniel’s RTD/RTP portfolio increased 2% (+1% organic) driven by the continued launch of the Jack Daniel’s & Coca-Cola RTD partially offset by lower volumes of Jack Daniel’s & Cola due to the transition.
  • Reported net sales for the Tequila3 portfolio grew 2% (-1% organic). el Jimador delivered reported net sales growth of 8% (+7% organic) driven by higher prices, particularly in the United States, and higher volumes in Colombia partially offset by lower volumes in the United States and Mexico. Herradura’s reported net sales declined 5% (-9% organic) driven by lower volumes in the United States partially offset by growth in Mexico.
  • Gin Mare and Diplomático drove the significant increase in Rest of Portfolio’s3 reported net sales growth of 104% (+17% organic).

First Half of Fiscal 2024 Market Results

  • Emerging3 markets grew reported net sales 17% (+19% organic) with very strong growth of New Mix in Mexico, Jack Daniel’s Tennessee Apple in Brazil and Chile, and Jack Daniel’s Tennessee Whiskey in the United Arab Emirates and Poland.
  • Developed International3 markets’ reported net sales increased 3% (-2% organic) fueled by Gin Mare and Diplomático in Italy and the continued launch of Jack Daniel’s Tennessee Apple in South Korea partially offset by lower volumes of Jack Daniel’s Tennessee Whiskey in Japan, following a significant inventory build in the second half of the prior fiscal year.
  • The Travel Retail3 channel sustained growth, on exceptionally high comparisons in the same prior-year period, with reported net sales increasing 3% (flat organic) led primarily by the super-premium American whiskey portfolio reflecting growth from Woodford Reserve, the launch of Jack Daniel’s American Single Malt, Jack Daniel’s Single Barrel, and the acquisitions of Gin Mare and Diplomático. This growth was partially offset by lower volumes of Jack Daniel’s Tennessee Whiskey and Jack Daniel’s Tennessee Honey.
  • Reported net sales in the United States decreased 4% (-5% organic) driven by lower volumes due to lapping the significant inventory rebuild in the same prior-year period largely related to the recovery from supply chain disruptions. This decline was partially offset by higher prices across the portfolio led by Jack Daniel’s Tennessee Whiskey and the acquisition of Diplomático.

First Half of Fiscal 2024 Other P&L Items

  • Reported gross profit increased 7% (+7% organic). Gross margin expanded 280 basis points to 61.6% fueled by favorable price/mix, lapping of costs related to supply chain disruptions in the same prior-year period and lower tariff-related costs partially offset by higher input costs and the negative effect of foreign exchange.
  • Reported advertising expense grew 17% (+12% organic) led by increased investment in Jack Daniel’s Tennessee Whiskey, the acquisitions of the Gin Mare and Diplomático brands, and the launch of Jack Daniel’s & Coca-Cola RTD. Reported selling, general, and administrative expenses increased 10% (+9% organic) largely due to higher compensation and benefit-related expenses.
  • The company’s reported operating income increased by 1% (+1% organic) due to higher gross margin partially offset by operating expense growth.
  • Diluted earnings per share declined $0.01 driven primarily by higher interest expense which was partially offset by higher reported operating income and the benefit of a lower effective tax rate.

Financial Stewardship

As announced on October 2, 2023, the Brown-Forman Board of Directors authorized the repurchase of up to $400 million (exclusive of brokerage fees and excise taxes) of outstanding shares of Class A and Class B common stock from October 2, 2023, through October 1, 2024, subject to market and other conditions. As of November 30, 2023, approximately $181 million remained available under the program.

On November 16, 2023, the Brown-Forman Board of Directors approved a 6% increase in the quarterly cash dividend to $0.2178 per share on its Class A and Class B common stock. The dividend is payable on January 2, 2024, to stockholders of record on December 1, 2023. Brown-Forman, a member of the prestigious S&P 500 Dividend Aristocrats Index, has paid regular quarterly cash dividends for 80 consecutive years and has increased the regular dividend for 40 consecutive years.

Fiscal 2024 Outlook

While we remain optimistic about our prospects for growth of organic net sales and organic operating income in fiscal 2024, evolving global macroeconomic conditions continue to create a challenging operating environment tempering our expectations. Accordingly, we now expect the following in fiscal 2024:

  • Organic net sales growth in the 3% to 5% range as we maintain our belief that the strength of our portfolio of brands and our pricing strategy will deliver growth.
  • Based on the above organic net sales growth outlook and our expectation that continued input cost pressures will be partially offset by lower supply chain disruption costs, we anticipate organic operating income growth in the 4% to 6% range.
  • We continue to expect our fiscal 2024 effective tax rate to be in the range of approximately 21% to 23%.
  • Capital expenditures are planned to be in the range of $250 to $270 million.

Conference Call Details

Brown-Forman will host a conference call to discuss these results at 10:00 a.m. (ET) today. A live audio broadcast of the conference call, and the accompanying presentation slides, will be available via Brown-Forman’s website, brown-forman.com, through a link to “Investors/Events & Presentations.” A digital audio recording of the conference call and the presentation slides will also be posted on the website and will be available for at least 30 days following the conference call.

For more than 150 years, Brown-Forman Corporation has enriched the experience of life by responsibly building fine quality beverage alcohol brands, including Jack Daniel’s Tennessee Whiskey, Jack Daniel’s Ready-to-Drinks, Jack Daniel’s Tennessee Honey, Jack Daniel’s Tennessee Fire, Jack Daniel’s Tennessee Apple, Gentleman Jack, Jack Daniel’s Single Barrel, Woodford Reserve, Old Forester, Coopers’ Craft, The GlenDronach, Benriach, Glenglassaugh, Slane, Herradura, el Jimador, New Mix, Korbel, Sonoma-Cutrer, Chambord, Fords Gin, Gin Mare, and Diplomático Rum. Brown-Forman’s brands are supported by approximately 5,600 employees globally and sold in more than 170 countries worldwide. For more information about the company, please visit brown-forman.com. Follow us on LinkedIn, Instagram, and X, formerly Twitter.

Important Information on Forward-Looking Statements:

This press release contains statements, estimates, and projections that are “forward-looking statements” as defined under U.S. federal securities laws. Words such as “aim,” “anticipate,” “aspire,” “believe,” “can,” “continue,” “could,” “envision,” “estimate,” “expect,” “expectation,” “intend,” “may,” “might,” “plan,” “potential,” “project,” “pursue,” “see,” “seek,” “should,” “will,” “would,” and similar words indicate forward-looking statements, which speak only as of the date we make them. Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. By their nature, forward-looking statements involve risks, uncertainties, and other factors (many beyond our control) that could cause our actual results to differ materially from our historical experience or from our current expectations or projections. These risks and uncertainties include, but are not limited to:

  • Our substantial dependence upon the continued growth of the Jack Daniel’s family of brands
  • Substantial competition from new entrants, consolidations by competitors and retailers, and other competitive activities, such as pricing actions (including price reductions, promotions, discounting, couponing, or free goods), marketing, category expansion, product introductions, or entry or expansion in our geographic markets or distribution networks
  • Route-to-consumer changes that affect the timing of our sales, temporarily disrupt the marketing or sale of our products, or result in higher fixed costs
  • Disruption of our distribution network or inventory fluctuations in our products by distributors, wholesalers, or retailers
  • Changes in consumer preferences, consumption, or purchase patterns – particularly away from larger producers in favor of small distilleries or local producers, or away from brown spirits, our premium products, or spirits generally, and our ability to anticipate or react to them; further legalization of marijuana; bar, restaurant, travel, or other on-premise declines; shifts in demographic or health and wellness trends; or unfavorable consumer reaction to new products, line extensions, package changes, product reformulations, or other product innovation
  • Production facility, aging warehouse, or supply chain disruption
  • Imprecision in supply/demand forecasting
  • Higher costs, lower quality, or unavailability of energy, water, raw materials, product ingredients, or labor
  • Risks associated with acquisitions, dispositions, business partnerships, or investments – such as acquisition integration, termination difficulties or costs, or impairment in recorded value
  • Impact of health epidemics and pandemics, and the risk of the resulting negative economic impacts and related governmental actions
  • Unfavorable global or regional economic conditions and related economic slowdowns or recessions, low consumer confidence, high unemployment, weak credit or capital markets, budget deficits, burdensome government debt, austerity measures, higher interest rates, higher taxes, political instability, higher inflation, deflation, lower returns on pension assets, or lower discount rates for pension obligations
  • Product recalls or other product liability claims, product tampering, contamination, or quality issues
  • Negative publicity related to our company, products, brands, marketing, executive leadership, employees, Board of Directors, family stockholders, operations, business performance, or prospects
  • Failure to attract or retain key executive or employee talent
  • Risks associated with being a U.S.-based company with a global business, including commercial, political, and financial risks; local labor policies and conditions; protectionist trade policies, or economic or trade sanctions, including additional retaliatory tariffs on American whiskeys and the effectiveness of our actions to mitigate the negative impact on our margins, sales, and distributors; compliance with local trade practices and other regulations; terrorism, kidnapping, extortion, or other types of violence; and health pandemics
  • Failure to comply with anti-corruption laws, trade sanctions and restrictions, or similar laws or regulations
  • Fluctuations in foreign currency exchange rates, particularly a stronger U.S. dollar
  • Changes in laws, regulatory measures, or governmental policies, especially those affecting production, importation, marketing, labeling, pricing, distribution, sale, or consumption of our beverage alcohol products
  • Tax rate changes (including excise, corporate, sales or value-added taxes, property taxes, payroll taxes, import and export duties, and tariffs) or changes in related reserves, changes in tax rules or accounting standards, and the unpredictability and suddenness with which they can occur
  • Decline in the social acceptability of beverage alcohol in significant markets
  • Significant additional labeling or warning requirements or limitations on availability of our beverage alcohol products
  • Counterfeiting and inadequate protection of our intellectual property rights
  • Significant legal disputes and proceedings, or government investigations
  • Cyber breach or failure or corruption of our key information technology systems or those of our suppliers, customers, or direct and indirect business partners, or failure to comply with personal data protection laws
  • Our status as a family “controlled company” under New York Stock Exchange rules, and our dual-class share structure

For further information on these and other risks, please refer to our public filings, including the “Risk Factors” section of our annual report on Form 10-K and future quarterly reports on form 10-Q filed with the Securities and Exchange Commission.

 
 

Brown-Forman Corporation

Unaudited Consolidated Statements of Operations

For the Three Months Ended October 31, 2022 and 2023

(Dollars in millions, except per share amounts)

 

 

2022

 

 

 

2023

 

 

Change

 

 

 

 

 

 

Net sales

$

1,094

 

 

$

1,107

 

 

1

%

Cost of sales

 

481

 

 

 

436

 

 

(9

%)

Gross profit

 

613

 

 

 

671

 

 

9

%

Advertising expenses

 

121

 

 

 

140

 

 

16

%

Selling, general, and administrative expenses

 

180

 

 

 

192

 

 

7

%

Other expense (income), net

 

(1

)

 

 

 

 

 

Operating income

 

313

 

 

 

339

 

 

8

%

Non-operating postretirement expense

 

 

 

 

 

 

 

Interest expense, net

 

15

 

 

 

29

 

 

 

Income before income taxes

 

298

 

 

 

310

 

 

4

%

Income taxes

 

71

 

 

 

68

 

 

 

Net income

$

227

 

 

$

242

 

 

6

%

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

Basic

$

0.47

 

 

$

0.50

 

 

6

%

Diluted

$

0.47

 

 

$

0.50

 

 

6

%

 

 

 

 

 

 

Gross margin

 

56.0

%

 

 

60.6

%

 

 

Operating margin

 

28.7

%

 

 

30.6

%

 

 

 

 

 

 

 

 

Effective tax rate

 

23.7

%

 

 

22.0

%

 

 

 

 

 

 

 

 

Cash dividends paid per common share

$

0.1885

 

 

$

0.2055

 

 

 

 

 

 

 

 

 

Shares (in thousands) used in the calculation of earnings per share

 

 

 

 

 

Basic

 

479,138

 

 

 

479,200

 

 

 

Diluted

 

480,549

 

 

 

480,115

 

 

 

 
 

Brown-Forman Corporation

Unaudited Consolidated Statements of Operations

For the Six Months Ended October 31, 2022 and 2023

(Dollars in millions, except per share amounts)

 

 

2022

 

 

 

2023

 

 

Change

 

 

 

 

 

 

Net sales

$

2,101

 

 

$

2,145

 

 

2

%

Cost of sales

 

866

 

 

 

823

 

 

(5

%)

Gross profit

 

1,235

 

 

 

1,322

 

 

7

%

Advertising expenses

 

231

 

 

 

271

 

 

17

%

Selling, general, and administrative expenses

 

355

 

 

 

392

 

 

10

%

Other expense (income), net

 

(7

)

 

 

(7

)

 

 

Operating income

 

656

 

 

 

666

 

 

1

%

Non-operating postretirement expense

 

 

 

 

1

 

 

 

Interest expense, net

 

32

 

 

 

56

 

 

 

Income before income taxes

 

624

 

 

 

609

 

 

(2

)%

Income taxes

 

148

 

 

 

136

 

 

 

Net income

$

476

 

 

$

473

 

 

(1

)%

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

Basic

$

0.99

 

 

$

0.99

 

 

(1

)%

Diluted

$

0.99

 

 

$

0.98

 

 

(1

)%

 

 

 

 

 

 

Gross margin

 

58.8

%

 

 

61.6

%

 

 

Operating margin

 

31.2

%

 

 

31.0

%

 

 

 

 

 

 

 

 

Effective tax rate

 

23.7

%

 

 

22.4

%

 

 

 

 

 

 

 

 

Cash dividends paid per common share

$

0.3770

 

 

$

0.4110

 

 

 

 

 

 

 

 

 

Shares (in thousands) used in the calculation of earnings per share

 

 

 

 

 

Basic

 

479,106

 

 

 

479,262

 

 

 

Diluted

 

480,494

 

 

 

480,234

 

 

 

 
 
 
 

Brown-Forman Corporation

Unaudited Condensed Consolidated Balance Sheets

(Dollars in millions)

 

 

April 30,

2023

 

October 31,

2023

Assets:

 

 

 

Cash and cash equivalents

$

374

 

$

373

Accounts receivable, net

 

855

 

 

948

Inventories

 

2,283

 

 

2,585

Assets held for sale

 

 

 

117

Other current assets

 

289

 

 

250

Total current assets

 

3,801

 

 

4,273

 

 

 

 

Property, plant, and equipment, net

 

1,031

 

 

1,060

Goodwill

 

1,457

 

 

1,461

Other intangible assets

 

1,164

 

 

989

Other assets

 

324

 

 

332

Total assets

$

7,777

 

$

8,115

 

 

 

 

Liabilities:

 

 

 

Accounts payable and accrued expenses

$

827

 

$

794

Accrued income taxes

 

22

 

 

36

Short-term borrowings

 

235

 

 

456

Liabilities held for sale

 

 

 

11

Total current liabilities

 

1,084

 

 

1,297

 

 

 

 

Long-term debt

 

2,678

 

 

2,654

Deferred income taxes

 

323

 

 

299

Accrued postretirement benefits

 

171

 

 

171

Other liabilities

 

253

 

 

240

Total liabilities

 

4,509

 

 

4,661

 

 

 

 

Stockholders’ equity

 

3,268

 

 

3,454

 

 

 

 

Total liabilities and stockholders’ equity

$

7,777

 

$

8,115

 
 

Brown-Forman Corporation

Unaudited Condensed Consolidated Statements of Cash Flows

For the Six Months Ended October 31, 2022 and 2023

(Dollars in millions)

 

 

2022

 

 

 

2023

 

 

 

 

 

Cash provided by operating activities

$

316

 

 

$

97

 

 

 

 

 

Cash flows from investing activities:

 

 

 

Additions to property, plant, and equipment

 

(61

)

 

 

(79

)

Other

 

3

 

 

 

18

 

Cash provided by (used for) investing activities

 

(58

)

 

 

(61

)

 

 

 

 

Cash flows from financing activities:

 

 

 

Net change in other short-term borrowings

 

186

 

 

 

220

 

Acquisition of treasury stock

 

 

 

 

(42

)

Dividends paid

 

(180

)

 

 

(197

)

Other

 

(5

)

 

 

(4

)

Cash provided by (used for) financing activities

 

1

 

 

 

(23

)

 

 

 

 

Effect of exchange rate changes

 

(37

)

 

 

(7

)

 

 

 

 

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

222

 

 

 

6

 

 

 

 

 

Cash, cash equivalents, and restricted cash at beginning of period

 

874

 

 

 

384

 

 

 

 

 

Cash, cash equivalents, and restricted cash at end of period

 

1,096

 

 

 

390

 

Less: Restricted cash at end of period

 

(9

)

 

 

(10

)

Less: Cash included in assets held for sale at end of period

 

 

 

 

(7

)

Cash and cash equivalents at end of period

$

1,087

 

 

$

373

 

 
 

Schedule A

Brown-Forman Corporation

Supplemental Statement of Operations Information (Unaudited)

 

 

 

 

Percentage change versus the prior-year period ended

October 31, 2023

3 Months

 

6 Months

Reported change in net sales

1

%

 

2

%

Acquisitions and divestitures

(1

%)

 

(2

%)

Foreign exchange

(1

%)

 

%

Organic change in net sales2

(1

%)

 

1

%

 

 

 

 

Reported change in gross profit

9

%

 

7

%

Acquisitions and divestitures

(2

%)

 

(1

%)

Foreign exchange

1

%

 

1

%

Organic change in gross profit2

9

%

 

7

%

 

 

 

 

Reported change in advertising expenses

16

%

 

17

%

Acquisitions and divestitures

(5

%)

 

(5

%)

Foreign exchange

(1

%)

 

(1

%)

Organic change in advertising expenses2

10

%

 

12

%

 

 

 

 

Reported change in SG&A

7

%

 

10

%

Acquisitions and divestitures

%

 

%

Foreign exchange

(1

%)

 

(1

%)

Organic change in SG&A2

6

%

 

9

%

 

 

 

 

Reported change in operating income

8

%

 

1

%

Acquisitions and divestitures

(1

%)

 

(1

%)

Foreign exchange

2

%

 

1

%

Organic change in operating income2

9

%

 

1

%

______________________

See “Note 2 – Non-GAAP Financial Measures” for details on our use of Non-GAAP financial measures, how these measures are calculated, and the reasons why we believe this information is useful to readers.

Note: Totals may differ due to rounding.

 
 

Schedule B

Brown-Forman Corporation

Supplemental Statement of Operations Information (Unaudited)

Six Months Ended October 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Information3

 

 

 

 

 

 

 

 

Volumes (9-Liter Cases)

 

Net Sales % Change vs. 2022

Product Category / Brand Family / Brand3

Depletions

(Millions)

% Change

vs.

Prior-Year

Period

Shipments

(Millions)

% Change

vs.

Prior-Year

Period

 

Reported

Acquisitions

and

Divestitures

Foreign

Exchange

 

 

Organic2

Whiskey

10.8

(1

%)

10.7

(7

%)

 

(2

%)

%

1

%

 

 

(1

%)

JDTW

7.3

(2

%)

7.2

(9

%)

 

(4

%)

%

1

%

 

 

(2

%)

JDTH

1.0

(5

%)

1.0

(9

%)

 

(7

%)

%

%

 

 

(8

%)

Gentleman Jack

0.4

2

%

0.4

(9

%)

 

(7

%)

%

2

%

 

 

(5

%)

JDTF

0.3

(2

%)

0.3

(8

%)

 

(11

%)

%

%

 

 

(10

%)

JDTA

0.5

30

%

0.5

36

%

 

51

%

%

1

%

 

 

52

%

Woodford Reserve

0.8

6

%

0.8

(6

%)

 

(3

%)

%

%

 

 

(3

%)

Old Forester

0.2

10

%

0.2

(7

%)

 

(5

%)

%

%

 

 

(5

%)

Rest of Whiskey

0.3

(5

%)

0.3

(3

%)

 

22

%

%

%

 

 

22

%

Ready-to-Drink

10.6

(1

%)

11.7

(7

%)

 

9

%

%

(5

%)

 

 

4

%

JD RTD/RTP

5.8

(5

%)

6.8

(14

%)

 

2

%

%

(1

%)

 

 

1

%

New Mix

4.8

4

%

4.8

4

%

 

41

%

%

(19

%)

 

 

22

%

Tequila

1.2

(8

%)

1.2

(8

%)

 

2

%

%

(3

%)

 

 

(1

%)

Herradura

0.3

(1

%)

0.3

(8

%)

 

(5

%)

%

(4

%)

 

 

(9

%)

el Jimador

0.8

(9

%)

0.8

(7

%)

 

8

%

%

(1

%)

 

 

7

%

Wine

0.8

(4

%)

1.1

5

%

 

5

%

%

%

 

 

5

%

Vodka

1.2

(5

%)

1.2

(7

%)

 

4

%

%

%

 

 

3

%

Rest of Portfolio

0.3

2

%

0.3

(1

%)

 

104

%

(92

%)

5

%

 

 

17

%

Non-branded & bulk

NM

NM

 

NM

NM

 

 

(3

%)

%

1

%

 

 

(2

%)

Total Portfolio

25.0

(2

%)

26.2

(7

%)

 

2

%

(2

%)

%

 

 

1

%

 

 

 

 

 

 

 

 

 

 

 

 

Other Brand Aggregations

 

 

 

 

 

 

 

 

 

 

Jack Daniel’s Family of Brands

15.5

(3

%)

16.4

(10

%)

 

(1

%)

%

1

%

 

 

%

American Whiskey

10.7

(1

%)

10.6

(7

%)

 

(2

%)

%

1

%

 

 

(1

%)

Premium Bourbons

1.1

7

%

1.1

(6

%)

 

(4

%)

%

%

 

 

(4

%)

______________________

See “Note 2 – Non-GAAP Financial Measures” for details on our use of Non-GAAP financial measures, how these measures are calculated, and the reasons why we believe this information is useful to readers.

Note: Totals may differ due to rounding.

 
 

Schedule C

Brown-Forman Corporation

Supplemental Statement of Operations Information (Unaudited)

Six Months Ended October 31, 2023

 

 

 

 

 

 

 

 

Net Sales % Change vs. Prior-Year Period

Geographic Area3

Reported

Acquisitions

and

Divestitures

Foreign

Exchange

 

 

Organic2

United States

(4

%)

(1

%)

%

 

 

(5

%)

Developed International

3

%

(4

%)

(2

%)

 

 

(2

%)

Germany

10

%

(1

%)

(3

%)

 

 

5

%

Australia

(4

%)

%

1

%

 

 

(4

%)

United Kingdom

(5

%)

(1

%)

(3

%)

 

 

(9

%)

France

1

%

(1

%)

(3

%)

 

 

(3

%)

Canada

%

(1

%)

1

%

 

 

%

Japan

(79

%)

%

(4

%)

 

 

(84

%)

Rest of Developed International

23

%

(12

%)

(3

%)

 

 

8

%

Emerging

17

%

(1

%)

2

%

 

 

19

%

Mexico

30

%

%

(18

%)

 

 

12

%

Poland

26

%

(1

%)

(5

%)

 

 

20

%

Brazil

11

%

%

(2

%)

 

 

9

%

Rest of Emerging

10

%

(1

%)

17

%

 

 

25

%

Travel Retail

3

%

(2

%)

(1

%)

 

 

%

Non-branded and bulk

(3

%)

%

1

%

 

 

(2

%)

Total

2

%

(2

%)

%

 

 

1

%

______________________

See “Note 2 – Non-GAAP Financial Measures” for details on our use of Non-GAAP financial measures, how these measures are calculated, and the reasons why we believe this information is useful to readers.

Note: Totals may differ due to rounding.

Contacts

Rob Frederick

Vice President

Corporate Communications

rob_frederick@b-f.com
502-774-7707

Sue Perram

Vice President

Investor Relations

sue_perram@b-f.com
502-774-6862

Read full story here

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