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Aug 29, 2024 10:50 AM

Brown-Forman's Q1 Profit Margin Squeezed As Whiskey And Tequila Sales Plunge

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.

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