B-F Projecting Flat ’24 After X-mas Doesn’t Deliver

Dear Client: Brown-Forman reported flat global organic net sales growth for the first nine months of fiscal 2024, ended January.  "These [9M] results compare against strong results in the prior year where strong consumer demand, higher pricing and the rebuilding of distributor inventories generated high single-digit reported net sales growth and double-digit organic net sales growth," noted B-F chief Lawson Whiting on this morning's earnings call.  For the third quarter alone, global organic net sales were down 2%. CURRENT TRENDS