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Sept. 1, 2021, 8:01 a.m. EDT

Jack Daniel's parent Brown-Forman profit falls sharply as supply chain issues and pandemic weigh

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By Ciara Linnane

Brown-Forman Corp. /zigman2/quotes/209253695/composite BF.B -0.29% posted net income of $192 million, or 40 cents a share, for its fiscal first quarter to July 31, down from $324 million, or 67 cents a share, in the year-earlier period. Sales rose to $906 million from $753 million. The FactSet consensus was for EPS of 39 cents and sales of $831 million. "While we are optimistic the operating environment will continue to improve, we are closely monitoring the potential volatility associated with the evolving pandemic and continued supply chain disruptions," Chief Executive Lawson Whiting said in a statement. The company said sales were boosted by 20% growth at the Jack Daniel's family of brands, while premium bourbon sales rose 34% and the tequila portfolio grew them by 32%. The company offered a cautious outlook for fiscal 2022, predicting "volatile" results through the year thanks to supply-chain disruptions . It expect gross margin to be flat or slightly lower, compared with earlier expectations for a slight improvement. Shares were not yet active premarket but have fallen 11.6% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -2.27% has gained 20%.

/zigman2/quotes/209253695/composite
US : U.S.: NYSE
$ 74.40
-0.22 -0.29%
Volume: 972,555
Nov. 26, 2021 1:10p
P/E Ratio
46.39
Dividend Yield
1.01%
Market Cap
$34.85 billion
Rev. per Employee
$734,681
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/zigman2/quotes/210599714/realtime
US : S&P US
4,594.62
-106.84 -2.27%
Volume: 2.10B
Nov. 26, 2021 2:12p
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