Brown-Forman's Whiskey Sales Lag, Profit Narrows Amid Tepid Demand
Brown-Forman, the maker of Jack Daniel's, reported lagging whiskey sales and a narrower profit for its first quarter of fiscal 2024. Net sales for whiskey products decreased by 1%, with Woodford Reserve and Gentleman Jack leading the decline. Sales for Jack Daniel's Tennessee Whiskey remained flat due to lower distributor inventories. However, the company saw growth in its ready-to-drink and tequila categories, with strong net sales growth for its New Mix RTD beverages and el Jimador tequila brand. Brown-Forman maintained its full-year outlook and expressed confidence in its people, brands, and business.