Brown-Forman’s Sales Inch Up 1% To $4 Billion Despite Headwinds
Brown-Forman saw net sales rise 1% on an organic basis to $4 billion for its fiscal year ended in April, with operating income up 3% to $1.1 billion, also on an organic basis. For Q4, however, net sales were down 3% on an organic basis to $894 million, with operating income dropping 2% to $205 million, which the company attributed to last year’s sale of Sonoma-Cutrer to Duckhorn. “While our results did not meet our long-term growth aspirations, we made important progress in an exceptionally challenging macroeconomic environment,” said president and CEO Lawson Whiting.
For the full year, sales declined 5% on a reported basis with the company pointing to “macroeconomic and geopolitical uncertainties” driving down consumer spending. Gross profit for the year was down 7% on a reported basis and 2% organically, which Brown-Forman attributes to rising input costs and foreign exchange effects, which were partially offset by solid price/mix.
Sales in the U.S. were down 2% organically (7% reported) for the year, with the company noting the challenging market conditions as well as the divestiture of Sonoma-Cutrer. Brown-Forman said declines in Jack Daniel’s were “partially offset by growth of Woodford Reserve as the brand continued to gain market share and outperformed the U.S. whiskey category,” adding that distributor restocking also boosted U.S. results.
Globally, Brown-Forman reported that its whiskies were up 1% on an organic basis and flat on a reported basis for the year, with declines in super-premium Jack Daniel’s offerings dragging down growth seen from Woodford and Jack Daniel’s Tennessee Whiskey. The company reported a 12% organic decline (14% reported) for its Tequilas, with both El Jimador and Herradura dropping 11% and 10% organically, respectively. Additionally, RTDs were up 5% organically (-6% reported) with the company noting that strong volume gains for New Mix were offset by foreign exchange challenges.
According to Impact Databank, Jack Daniel’s—including Gentleman Jack, the brand’s RTDs, and its flavors—all declined in 2024, with Brown-Forman’s Tequilas, El Jimador and Herradura, also decreasing. While Woodford Reserve and Old Forester continued to grow, their rising tides were not enough to offset Brown-Forman’s other losses.
Looking ahead, the company sees continued challenges for fiscal 2026 due to “macroeconomic and geopolitical volatility” paired with tariffs and general consumer uncertainty. “We expect continued headwinds,” said Whiting. “Still, we are confident that with agility, innovation, and a clear focus on execution, we are well positioned to navigate uncertainty and unlock new opportunities for sustainable long-term growth.”—Shane English
| Brown-Forman—Top 10 Spirits Brands in the U.S. (Thousands of 9-liter case depletions) |
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| Rank | Brand | Origin/Type | 2023 | 2024 | Percent Change1 |
|
|---|---|---|---|---|---|---|
| 1 | Jack Daniel’s2 | Tennessee Whiskey | 5,043 | 4,871 | -3.4% | |
| 2 | Woodford Reserve3 | Bourbon | 1,420 | 1,472 | 3.7% | |
| 3 | Jack Daniel’s RTDs4 | Pre-Mixed Cocktail | 1,036 | 902 | -12.9% | |
| 4 | El Jimador | Tequila | 885 | 771 | -12.9% | |
| 5 | Jack Daniel’s Tennessee Honey5 |
Flavored Whiskey | 707 | 661 | -6.6% | |
| 6 | Old Forester | Bourbon | 485 | 501 | 3.2% | |
| 7 | Gentleman Jack | Tennessee Whiskey | 404 | 374 | -7.6% | |
| 8 | Herradura | Tequila | 373 | 352 | -5.5% | |
| 9 | Jack Daniel’s Tennessee Fire5 |
Flavored Whiskey | 356 | 326 | -8.3% | |
| 10 | Korbel | American Brandy | 227 | 223 | -1.7% | |
| Total Top 106 | 5,451 | 5,058 | -7.2% | |||
| 1 Based on unrounded data. 2 Excludes flavors, Single Barrel, Bonded, and RTDs/FMBs 3 Includes Batch Proof, Double Oaked, Rye, Straight Wheat, and Straight Malt 4 Excludes Country Cocktails (malt-based) 5 Excludes RTDs 6 Addition of columns may not agree due to rounding. Source: IMPACT DATABANK © 2025 |
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Tagged : Brown-Forman, El Jimador, Herradura, Jack Daniel’s, Old Forester, Woodford Reserve
