Jack Daniel’s Distillery parent company, the Brown‑Forman Corporation, reported a net sales increase of 8% to $4.2 billion for its fiscal year ending in April across its 16+ brands. Operating income decreased 6% to $1.1 billion.  Jack Daniel’s reported net sales growth of 3%, led by Jack Daniel’s popularity in international markets.  Emerging markets increased sales by 18%, led by the United Arab Emirates, Brazil, and Mexico.  Established markets across Europe and Japan increased 4%.  Higher pricing, higher volume, and launching new and innovative products, like the Bonded Tennessee Whiskey series have also increased growth and sales.  Jack Daniel’s Ready-to-Drink/Ready-to-Pour cocktails gained double-digit growth of 11%, fueled by the recent launch of the canned Jack Daniel’s & Coca-Cola product in the United States.  Advertising expenses across Brown-Forman’s brands increased 15% for the 2023 fiscal year.

Looking forward, Brown-Forman looks to rely heavily on the continued growth of the Jack Daniel’s family of brands, expecting an organic net sales growth in 5% to 7% range.

Lawson Whiting, Brown‑Forman’s President and Chief Executive Officer stated, “In fiscal 2023, Brown‑Forman continued its tradition of delivering strong organic top and bottom line growth. We were able to build on last year’s double-digit organic net sales growth by continuing the premiumization of our portfolio, investing boldly in our brands, building new strategic relationships, developing and supporting our talented people, and honoring our values. As we turn our focus to fiscal 2024, I believe we can grow on this elevated foundation and continue to deliver Nothing Better in the Market.”