Brown-Forman Reports Very Strong, Broad-Based Fiscal 2022 Performance; Expects Momentum to Continue in Fiscal 2023

Brown-Forman Reports Very Strong, Broad-Based Fiscal 2022 Performance; Expects Momentum to Continue in Fiscal 2023
CANNANNEW REPORT

LOUISVILLE, Ky.–(BUSINESS WIRE)–Brown-Forman Corporation (NYSE: BFA, BFB) reported financial results for its fourth quarter and fiscal year ended April 30, 2022. For the fourth quarter, the company’s reported net sales1 of $996 million increased 23% (+27% on an organic basis2). In the quarter, reported operating income increased 46% to $246 million (+62% on an organic basis) and diluted earnings per share increased 26% to $0.31. For the full year, the company’s reported net sales increased 14% to $3,933 million (+17% on an organic basis). Reported operating income increased 3% to $1,204 million (+27% on an organic basis) in the fiscal year, while diluted earnings per share decreased 7% to $1.74 primarily due to higher income taxes partially offset by the increase in reported operating income. Earnings per share in fiscal 2021 included an estimated $0.20 per share benefit from the gain on the sale of the Early Times, Canadian Mist, and Collingwood brands and related assets. Lawson Whiting, Brown-Forman’s President and Chief Executive Officer stated, “I am proud of our exceptional results, our strategic progress, and yet another year of growth despite numerous headwinds. We achieved these results due in large part to the resurgence of Jack Daniel’s Tennessee Whiskey, which experienced strong consumer demand as the on-premise channel reopened around the world. Equally important, we believe we are well positioned for continued growth in the fiscal year ahead given our strategic initiatives and our talented teams.” Fiscal 2022 Highlights Reported net sales grew 14% (+17% organic) building on our fiscal 2021 growth. All geographic clusters contributed meaningfully to strong reported net sales growth. Jack Daniel’s Tennessee Whiskey fueled overall company performance with 20% reported net sales growth (+23% organic). Premium bourbons, led by Woodford Reserve and Old Forester, grew reported net sales 17% (+17% organic). The tequila portfolio, driven…

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