Jack Daniel's maker Brown-Forman on Wednesday fell short of Wall Street expectations for its first quarter of fiscal 2024, plagued by lagging whiskey sales, supply challenges and a significant inventory rebuild.
Net sales for whiskey products decreased by 1%, led by the brands Woodford Reserve and Gentleman Jack.
Sales for Jack Daniel's Tennessee Whiskey were flat, the company said, due to lower distributor inventories across the United States.
Its New Mix RTD beverages delivered strong net sales growth of 52%, while its el Jimador tequila brand saw net sales grow by 27%.
Reported advertising expense grew 19%, driven by the launch of its Jack Daniel's & Coca-Cola RTD item, increased investment in Jack Daniel's Tennessee Whiskey, and acquisitions.
Persons:
Jack Daniel's, Brown, Forman, Jack, Jack Daniel's Tennessee, Lawson Whiting, Whiting, —, Robert Hum
Organizations:
Woodford Reserve, Jack Daniel's Tennessee Whiskey
Locations:
United States, Kentucky, U.S