- Whiskey sales experience minor setback with a 1% dip.
- New Mix RTD and el Jimador tequila surge with 52% and 27% growth, respectively.
- Despite challenges, company projects 5-7% growth for fiscal year 2024.
Brown-Forman, the genius behind the iconic Jack Daniel’s whiskey, hit a bit of a rough patch this fiscal quarter. While whiskey aficionados might need a moment, it's not all doom and gloom for the spirits giant.
A few hiccups with brands like Woodford Reserve and Gentleman Jack saw sales dip slightly, and a distribution snag in the U.S. didn't help the numbers. CEO Lawson Whiting cited the ghosts of past challenges, particularly in 2023 when a glass supply issue haunted their inventory.
But here's the twist – the company’s ready-to-drink (RTD) beverages and tequila showed some dazzling growth. New Mix RTD sales surged by 52%, and their el Jimador tequila wasn't far behind with a 27% rise.
And the silver lining? Recent acquisitions, Gin Mare and Diplomático, shone bright, giving the company some well-needed cheer.
Despite the roller-coaster, Brown-Forman remains upbeat. Overall revenue was up by 3% from the previous year, and Whiting assures that the company's trajectory is firmly on track, predicting a solid 5-7% growth for the fiscal year 2024. Cheers to resilience and a hopeful future!
WOM Money Picks
Be a part of the winning team | 81% Success Rate.