Brown-Forman präsentiert schwache Resultate für das Q1 im Fiskaljahr 2025 – bleibt für das Gesamtjahr positiv gestimmt

Keine besonders guten Zahlen meldet Brown-Forman: Die Verkäufe im Zeitraum Mai 2024 bis Juli 2024 gingen im Vergleich zum Vorjahreszeitraum um 8% zurück, das operative Einkommen sogar um 14%. Man sagt seitens des Konzerns, dass diese Rückgänge erwartet wurden und nichts am positiven Ausblick für das gesamte Fiskaljahr ändern.

Gewinner im Whiskyportfolio des Konzerns waren Old Forester und Woodford Reserve, aber diese Gewinne wurden von den Rückgängen im Verkauf bei Jack Daniel’s mehr als zunichte gemacht. Wobei man eines sagen muss: Whisky ist nicht das Problemkind am Markt – die Rückgänge bei Tequila, Ready To Drink und dem restlichen Portfolio waren mindesten 3x so hoch.

Hier die Pressemitteilung des Konzerns in den relevanten Auszügen:

BROWN-FORMAN REPORTS FIRST QUARTER FISCAL 2025 RESULTS; REAFFIRMS FULL YEAR GROWTH OUTLOOK

August 29, 2024, LOUISVILLE, KY — Brown-Forman Corporation (NYSE: BFA, BFB) reported financial results for its first quarter of fiscal 2025, ended July 31, 2024, with net sales decreasing 8%¹ to

$1.0 billion (-4% on an organic basis²) compared to the same prior year period. Operating income decreased 14% to $281 million (-13% on an organic basis) and diluted earnings per share decreased 14% to $0.41.

Lawson Whiting, Brown-Forman’s President and Chief Executive Officer shared,

“Our first quarter results were in line with our expectations and, as such, we are pleased to reaffirm our full-year fiscal 2025 guidance, including organic top and bottom line growth and continued reported gross margin expansion. We believe we have the right strategy, brands, and geographic breadth in place to effectively manage through the challenging consumer and cost environment, and are inspired every day by the talent, resilience, and creativity of our people.”

First Quarter of Fiscal 2025 Highlights

• From a brand perspective, the net sales growth of Diplomático Rum, Old Forester, and Woodford Reserve were more than offset by net sales declines led by Jack Daniel’s Tennessee Whiskey and the Finlandia divestiture.
• Net sales declined across all geographic aggregations partially due to the timing of shipments in the year-ago period related to inventory replenishment and the execution of our pricing strategy.
• Gross profit declined 13% (-8% organic) with a gross margin reduction of 330 basis points largely related to the timing of input cost fluctuations coupled with high inventory levels.
• Operating expenses declined by 12% (-3% organic).

First Quarter of Fiscal 2025 Brand Results

• Net sales for Whiskey³ products decreased 5% (-3% organic). The growth of Old Forester and Woodford Reserve were more than offset by lower volumes of Jack Daniel’s Tennessee Whiskey, partially due to comparisons against the timing of shipments in the year ago period in the United States, the United Arab Emirates, and United Kingdom. Jack Daniel’s Tennessee Whiskey was also impacted by the negative effect of foreign exchange, primarily reflecting the strengthening of the dollar against the Turkish lira.
• Net sales for the Tequila³ portfolio declined 23% (-23% organic). el Jimador’s net sales declined 26% (-26% organic) led by lower volumes in the United States, Colombia, and Mexico. Herradura’s net sales declined 15% (-14% organic) led by lower volumes in Mexico, which experienced a challenging economic environment.
• Net sales for the Ready-to-Drink³ (RTD) portfolio declined 12% (-4% organic). New Mix’s net sales declined 11% (-9% organic) driven by lower volumes in Mexico, while gaining market share. Net sales of Jack Daniel’s RTD/RTP portfolio declined 13% (-2% organic) led by lower volumes due to the impact of the Jack Daniel’s Country Cocktails business model change (JDCC)².
• Rest of Portfolio’s³ net sales declined 18% (+1% organic) driven by the Finlandia divestiture and the negative effect of foreign exchange. The decrease was partially offset by the positive contribution from Diplomático related to the timing of order patterns in the same prior-year period.

First Quarter of Fiscal 2025 Market Results

• Net sales in the United States declined 5% (-4% organic) driven by lower volumes in a challenging economic environment, led by Jack Daniel’s Tennessee Whiskey, el Jimador, and Korbel California Champagnes along with the negative impact of JDCC. The declines were partially offset by growth of Woodford Reserve and Old Forester as these brands continued to outperform the US Whiskey category. Consistent with company expectations, distributors are continuing to target the low end of their normal inventory range as continued high inflation and interest rates are negatively impacting the consumer and the trade.
• During a period of softening industry trends, collective net sales of Developed International³ markets declined 9% (-6% organic). The decrease was led by lower volumes of Jack Daniel’s Tennessee Whiskey across the majority of markets, most notably in the United Kingdom, and the Finlandia divestiture. The decline was partially offset by higher volumes of Jack Daniel’s Tennessee Whiskey in Japan due to changes in distributor ordering patterns in the same prior-year period in advance of the transition to owned distribution on April 1, 2024.

• Lapping strong double-digit growth and inventory replenishment, net sales in Emerging³ markets declined 16% (-5% organic). The decrease was driven by the decline of New Mix and our Tequila portfolio in Mexico, and Jack Daniel’s Tennessee Whiskey in the United Arab Emirates. The decline was also impacted by the negative effect of foreign exchange, primarily reflecting the strengthening of the dollar against the Turkish lira, and the Finlandia divestiture. The decline was partially offset by higher prices led by Jack Daniel’s Tennessee Whiskey in Türkiye along with higher volumes of Jack Daniel’s Tennessee Apple in Brazil.
• The Travel Retail³ channel’s net sales declined 11% (-8% organic) driven by lower volumes of Jack Daniel’s super-premium expressions and Woodford Reserve, as well as the Finlandia divestiture. The decline was partially offset by growth from Diplomático.

Fiscal 2025 Outlook

We anticipate a return to growth for organic net sales and organic operating income in fiscal 2025 driven by gains in international markets and the benefit of normalizing inventory trends. This outlook is tempered by our belief that global macroeconomic and geopolitical uncertainties will continue to create a challenging operating environment. Accordingly, we reiterate the following expectation for fiscal 2025:

• Organic net sales growth in the 2% to 4% range.
• Organic operating income growth in the 2% to 4% range.
• Our effective tax rate to be in the range of approximately 21% to 23%.
• Capital expenditures planned to be in the range of $195 to $205 million.