B-F Growth Decelerates in Q3, But Well-Positioned for Future Growth

Dear Client: Brown-Forman reported underlying net sales growth of 2% globally for the first nine months of its fiscal year ended January 31, led by growth in the US.   You may recall, B-F cfo Jane Morreau said Q3 would be the company's "toughest quarter" during its H1 earnings call [see WSD 12-08-2020]. Indeed, B-F did see a slowdown in top line growth for the quarter as expected, lapping the launch of Tennessee Apple in the US coupled with renewed lockdowns