Brown-Forman Corp. reports net profit in the first fiscal quarter rose 30% to $249 million, or 52 cents a share, as net sales jumped 11% to $1.007 billion (+17% organic).
Highlights: The increase in net sales was driven by an increase in distributor inventories. The Jack Daniel's Family of Brands delivered 11% reported sales growth (19% organic), driven by a 10% (21% organic) growth in Jack Daniel's Tennessee Whiskey. Woodford Reserve net sales rose 38% (39% organic), and Ready-to-Drink grew 17% (21% organic), fueled by Jack Daniel's RtDs and New Mix.
Woodford Reserve and Old Forester delivered 35% reported net sales growth (+36% organic) driven by higher volumes in the U.S. as distributors rebuilt inventories.
Geography: Reported net sales in the U.S. grew 7%. Gains for Woodford Reserve, Jack Daniel's Tennessee Fire and Jack Daniels Tennessee Honey in the U.S. were offset by lower volumes for Jack Daniel's Tennessee Whiskey and Korbel California Champagne owing to strong sales a year earlier.