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Net sales grew to $1.05 billion in the three months ended on April 30, representing a 5% increase versus the same period last year. Bloomberg estimates had expected the figure to drop slightly from its prior level of $996M.
The uptick pushed annual net sales at the company behind whiskey brands like Jack Daniel’s and Woodford Reserve up by 8% to $4.23B.
Easing post-pandemic restrictions on movement factored heavily into the annual returns, with net sales at travel retail channels surging by 41% due in part to strength in its portfolio of higher-priced products. Meanwhile, consumer activity was “strong” through its 2023 fiscal year, Brown-Forman said.
The firm added that it was “optimistic” about its prospects for its 2024 financial period. Organic net sales are seen increasing by 5% to 7%, while organic operating income is expected to jump by 6% to 8% thanks to lower supply chain costs offsetting lingering input cost pressures.
Shares in Brown-Forman rose in early trading on Wednesday.
