Brown-Forman YTD fiscal-2018 - results data

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In early-March, Brown-Forman reported its results for the first nine months of its fiscal-2018. Sales in the nine months to the end of January rose by 7%, with third-quarter sales up a slightly lesser 6%. Here, just-drinks takes a closer look at the company's sales performance by market and by brand in the six-month period.

Brown-Forman Fiscal-2018 - Sales versus 2017

Fourth Quarter694null
Third Quarter808878
Second Quarter830914
First Quarter661723

Source: Company results

On a reported basis, Brown-Forman's sales in the first nine months of fiscal-2018 climbed by 9%. In organic terms, the top-line increased 7%, breaking down by quarter to +6% in Q1, +8% in the second quarter and +7% in the three months to the end of January.

Performance by market

  • The US - Sales +5% (in organic terms)

Credit for the US sales lift was paid to the Jack Daniel's stable, with the broader roll-out across the country of Jack Daniel's Tennessee Rye also warranting special mention. The Herradura and El Jimador Tequila brands have enjoyed a bumper year-so-far in the US, with both posting double-digit sales increases in the nine months.

  • Developed markets outside of US - Sales +6%

Strong performers in Brown-Forman's more developed markets were Germany - where sales rose by 11% - and Australia - up 10%. The gold star, however, went to Spain, where the group brought its distribution footprint in-house in July. Subsequently, sales in the country were up by double-digits, the company said.

At the other end of the table was Japan, the only one of Brown-Forman's top ten markets to post a decline in sales. A fall in volumes for its Early Times American whiskey brand was blamed for the poor performance.

  • Emerging markets - Sales +15%

An improvement in the broader economic conditions coupled with stabilising currencies set the stage for a healthy set of numbers from the company's emerging markets. Mexico sales were up 13%, while Poland booked a 25% jump. Also "well into double-digits" were Russia, Turkey, Brazil, Thailand, China and Ukraine.

  • Global Travel Retail - Sales +11%

It's been a "solid" year so far in the GTR channel for Brown-Forman, with its higher-end Gentlemen Jack and Woodford Reserve American whiskies "growing quickly". The group is also benefiting from improved passenger volumes, particularly among Russian travellers.

Brown-Forman Fiscal-2018 - Nine-Month Brand Performance versus 2017

BrandVolumesOrganic Sales
Jack Daniel's Family+8%+7%
Jack Daniel's Tennessee Whiskey+6%+5%
Jack Daniel's Tennessee Honey+9%+9%
Jack Daniel's Tennessee Fire+14%+15%
Jack Daniel's RTD/RTP+11%+14%
Gentleman Jack+9%+9%
Woodford Reserve+23%+22%
El Jimador+7%+9%
All other brands------
Other non-branded---+13%

Source: Company results

Sectors: Company results, Spirits

Companies: Brown-Forman

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