US: Whiskey surge boosts Brown-Forman H1 profits
- H1 net profits rise 9% to US$349m
- Net sales up 4% to $1.98bn
- Operating profits climb 9% to $528m
- Q2 net profit up 19% to $206m
Brown-Forman says it is on course for an "excellent" full-year
Brown-Forman has seen its first-half sales and profits grow as its North American whiskies continued to perform strongly.
Net profits in the six months to the end of October climbed by 9% to US$349m, the group said today (4 December). Net sales rose by 4% to $1.98bn while operating profits jumped by 9% to $528m.
Second-quarter results were even stronger, with net profits up by 19% and sales up by 6%.
Brown-Forman said its portfolio of whiskies drove the increases, with Jack Daniel's underlying sales up 10% in the first-half. Super-premium whiskies outperformed all other categories, up 18% in underlying sales as the Woodford Reserve brand grew underlying sales by 27%.
The performance continued whiskey's strong showing in an otherwise disappointing Q1 for Brown-Forman that overall failed to overcome a strong first quarter last year.
Brown-Forman CEO Paul Varga said today: “Fuelled by the Jack Daniel’s trademark, the company’s second-quarter and first-half results were very strong. We continued to generate an excellent balance of geographic growth, including strong growth in the emerging markets.”
Looking ahead, Varga said the group is reaffirming its expectations for “excellent” full year growth in underlying operating income, despite industry concerns over a slowdown in the global spirits market.
To read the company's full results, click here.
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