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Whiskey Sales Dip 1%

Benzinga

1 Views • Aug 30, 2023

Description

Jack Daniel's maker Brown-Forman saw a 1% decrease in net sales for its whiskey portfolio, with brands like Woodford Reserve and Gentleman Jack experiencing declines for its first quarter of fiscal year 2024. Earnings per share were also below estimates at 48 cents compared to the 53 cents expected. Jack Daniel's Tennessee Whiskey sales were flat. The company's US market saw an 8% drop in net sales attributed to lower volume, while their ready-to-drink beverages and el Jimador tequila brand grew net sales by 52% and 27%, respectively. Brown-Forman maintained its full-year guidance targets of 5-7% organic net sales growth and 6-8% organic operating income growth.

Keywords & Tags

#first quarter #Estimates #Earnings Per Share #US market #Fiscal Year 2024 #Brown-Forman #Gentleman Jack #Jack Daniels Tennessee Whiskey #Jack Daniels maker #Woodford Reserve #el Jimador tequila brand #guidance targets #net sales decrease #organic net sales growth #organic operating income growth. #ready-to-drink beverages #volume drop #whiskey portfolio

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