Brown Forman Inc (NYSE:BF) (NYSE:BF) reported first-quarter earnings per share of 41 cents, missing the analyst consensus of 47 cents.
Quarterly net sales decreased 8% to $951 million (-4% on an organic basis) compared to the same prior year period.
The company said net sales declined across all geographic aggregations partially due to the timing of shipments in the year-ago period related to inventory replenishment and the execution of its pricing strategy.
Net sales for Whiskey products fell 5%, with declines in Jack Daniel's Tennessee Whiskey outweighing gains from Old Forester and Woodford Reserve. The Tequila portfolio saw a 23% drop, driven by lower sales of el Jimador and Herradura.
Also Read:
