- Sales in fiscal Q2 – to end of October – increase 16% to US$1.09bn
- For financial first half, top line climbs 17% to $2.1bn
- Six-month sales in US +11%, Jack Daniel’s Tennessee Whiskey +18%
The strong consumer appetite for convenience and flavour in alcohol has played to Brown-Forman’s strengths, with the group retaining its upper-teens top-line growth rate in recent months.
Sales from the three months to the end of October kept pace with the previous quarter’s +17% showing, coming in 16% up on the corresponding quarter last year. Subsequently, Brown-Forman’s sales in its financial first half delivered a 17% lift.
Much as the company led with the 18% sales jump by flagship mark Jack Daniel's Tennessee Whiskey in H1, the 20% leap in RTD sales caught the eye, as did the 12% and 28% rises from Jack's Honey and Fire flavoured variants, respectively. At the 'premium-plus' end of the portfolio, Bourbon's Gentleman Jack and Woodford Reserve benefitted from the easing of recent glass supply issues.
The results should be considered through the prism of "an estimated net increase in distributor inventories" between May and October, however, as the bounceback from the post-COVID supply chain squeeze skewed performance. Even so, on a quarterly basis, Brown-Forman's results position the company between Remy Cointreau [+16.2%] and Moet Hennessy [+14%] in the calendar-Q3 brand owners' performance chart.
In a subsequent online presentation, group management cited the prospect of a "next generation of growth", bringing together recent moves including the Mexico debut for a 'Jack & Coke' branded RTD and the purchases of the Gin Mare and Diplomatico Rum brands, all of which have occurred in recent months.
As of 7 December, Brown-Forman's market capitalisation totalled $35.23bn.
Brown-Forman’s official H1 fiscal-2023 results statement.
Click here for a company presentation on the six-month performance.
Alcohol brand owners in 2022 – The winners and losers, so far – Category Intel
