Jack Daniels takes hit from Trump administration trade disputes, the company says
LOUISVILLE, Ky. — Led by strong sales for its whiskey and tequila brands, Brown-Forman Corp. BF.B, +3.63% BF.A, +3.82% reported higher fourth-quarter net income Wednesday despite taking a hit from the Trump administration’s tariff fight.
But the company showed its resilience to the trade disputes by posting robust sales growth in emerging global markets. It also had sales growth in the United States. “Although tariffs and higher input costs will negatively impact our gross margins again this year, we believe we are on track to return to high single-digit operating income growth as we move beyond fiscal 2020,” said Lawson Whiting, the company’s president and CEO. “Our growth prospects remain bright as we develop our premium spirits portfolio around the world.”For the full fiscal year, underlying net sales in emerging markets grew 11%, compared to 13% a year ago, the company said.
Brown-Forman reported net income of $159 million, or 33 cents per share, for the quarter ended April 30, which topped expectations by 3 cents. That’s compared to $110 million, or 23 cents per share, a year ago.
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