Brown-Forman Corp. reports net profit fell 41% to $192 million, or 40 cents a share, as sales advanced 20% to $906 million. The lower profit reflected the year earlier $192 million gain on the sale of the Canadian Mist, Early Times and Collingswood brands.
There was strong growth across all geographic clusters and in travel retail, the company said, with the Jack Daniel’s Family of Brands gaining 20%, premium bourbon sales soaring 35% closely followed by a 32% surge in the tequila portfolio. Advertising soared 46%.
The Jack Daniel’s growth was propelled by Jack Daniel’s Tennessee Whiskey
which benefited from higher volumes globally and favorable channel mix in the U.S. related to the on-premise reopening. Jack Daniel’s Tennessee Apple’s net sales growth was fueled by the ongoing international launch.