Brown-Forman Corp. reports net sales slipped 2% to $753 million (up 3% underlying) in its fiscal first quarter. Net income soared 74% to $3224 million, or 68 cents a share.
Underlying sales in the U.S. and developed international markets grew 9% (3% reported) and 12% (13% reported), respectively. Sales in emerging markets slipped 3% (-20% reported).
Jack Daniel’s family of brands underlying net sales grew 3% (-2% reported). Premium bourbons were up 18%, driven by Woodford Reserves 14% growth and sustained high double-digit underlying net sales growth from Old Forester. The tequila portfolio grew 16%.