Brown‑Forman Corporation, the owner of Jack Daniels, reported financial results for its third quarter and nine months ended January 31, 2024.

Third quarter reported net sales decreased 1%1 to $1.1 billion (-2% on an organic basis2) compared to the same prior-year period. In the quarter, reported operating income increased 116% to $373 million (+5% on an organic basis) and diluted earnings per share increased 189% to $0.60.

For the first nine months of the fiscal year, the company’s reported net sales increased 1% to $3.2 billion (flat on an organic basis) compared to the same prior-year period. Year-to-date reported operating income increased 25% to $1.0 billion (+2% on an organic basis) and diluted earnings per share increased 32% to $1.58.

Lawson Whiting, Brown‑Forman’s President and Chief Executive Officer shared, “In a year with significant uncertainty and complexity in the spirits industry, Brown‑Forman has demonstrated continued resilience and agility following two years of double-digit organic net sales growth.

“As industry trends have normalized, we have expanded our gross margin, executed our strategic priorities, and invested behind the business. As we look to the end of the fiscal year, we remain confident in the strength of our portfolio and our ability to deliver long-term growth.”

Photo Credit: Brown Forman