Brown-Forman found growth in its Jack Daniels portfolio

Brown-Forman found growth in its Jack Daniel's portfolio

Brown-Forman has posted a steady increase in YTD sales and profits as the Jack Daniel's Tennessee Whiskey portfolio continued to grow.

Net profits in the nine months to the end of January rose up 3% to US$543m, the US company said today. Net sales in the same period climbed by 3% to $3.15bn while operating profits increased by 2% to $795m.

Brown-Forman said growth was led by the Jack Daniel's stable, which posted an overall 8% growth in sales. Jack Daniel's extension Tennessee Honey, meanwhile, increased sales by 32% as it entered new markets.

In the third-quarter, net profits in the three months to January were up 5% to $186m while net sales edged up 1% to $1.01bn

Operating profits increased by 7% to $272m in the same period.

Brown-Forman CEO Paul Varga said: “Our industry-leading results were once again driven by our portfolio skew to premium American whiskey brands and a balanced geographic approach.”

Looking ahead, the company said it is on track to hit its fiscal 2015 target of 6-8% growth in underlying net sales and 9-11% growth in underlying operating income. However, it warned that reported sales and profits are likely to continue to be affected by global currency fluctuations.

To read the company's full results, click here.