B-F’s Mid-Single Digit Growth Impacted by Normalizing Inventory Levels

Dear Client:   Brown-Forman recorded global net sales growth of 8% on a reported basis for the first nine months of the fiscal year, ended January. Looking at just Q3, global reported net sales were up 4%. B-F chief Lawson Whiting noted on this morning's earnings call that top line results were weighed down by foreign exchange impact.  Lawson pointed out that it's been almost exactly three years since COVID-19 was declared a global pandemic. Despite "significant volatility and uncertainty"