United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ | --- | --- | |------------------------------------------|--------------------------------------------------------| | | | ...

FOR IMMEDIATE RELEASE ELIZABETH CONWAY BROWN-FORMAN REPORTS FIRST HALF FISCAL 2025 RESULTS; REAFFIRMS FULL YEAR GROWTH OUTLOOK December 5, 2024, LOUISVILLE, KY — Brown-Forman Corporation (NYSE: BFA, BFB) reported financial results for its second quarter and first half of fiscal 2025, ended October 31, 2024. Second quarter reported net sales decreased 1% to $1.1 billion (+3% on 1 2 an organic basis ) compared to the same prior-year period. In the quarter, reported operating income increased 1% to $341 millio ...

United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ | --- | --- | |------------------------------------------|--------------------------------------------------------| | | | | ...

Financial Performance - Net sales decreased 8% to $1.0 billion (-4% organic) in Q1 fiscal 2025 compared to the prior year period[1] - Operating income declined 14% to $281 million (-13% organic) and diluted EPS decreased 14% to $0.41[1] - Gross profit declined 13% (-8% organic) with gross margin down 330 basis points to 59.4%[9] - Net sales decreased by 8% to $951 million in Q2 2024 compared to $1,038 million in Q2 2023[19] - Gross profit declined by 13% to $565 million in Q2 2024 from $651 million in Q2 2023[19] - Net income dropped by 16% to $195 million in Q2 2024 from $231 million in Q2 2023[19] - Operating income decreased by 14% to $281 million in Q2 2024 from $327 million in Q2 2023[19] - Gross margin fell to 59.4% in Q2 2024 from 62.7% in Q2 2023[19] - Operating margin declined to 29.6% in Q2 2024 from 31.5% in Q2 2023[19] - Cash and cash equivalents decreased to $416 million in Q2 2024 from $446 million in Q2 2023[21] - Accounts receivable increased to $806 million in Q2 2024 from $769 million in Q2 2023[21] - Inventories rose to $2,596 million in Q2 2024 from $2,556 million in Q2 2023[21] - Cash provided by operating activities decreased to $17 million in Q2 2024 from $38 million in Q2 2023[22] - Total portfolio depletions decreased by 9% to 10.9 million cases, with net sales declining by 8% on a reported basis and 4% organically[26] - Jack Daniel's Family depletions fell by 8% to 7.1 million cases, with net sales down 8% reported and 4% organically[26] - Ready-to-Drink category depletions dropped by 9% to 4.9 million cases, with net sales declining 12% reported and 4% organically[26] - Tequila category depletions decreased by 21% to 0.5 million cases, with net sales down 23% both reported and organically[26] - United States net sales declined by 5% reported and 4% organically, while Developed International markets saw a 9% reported and 6% organic decline[28] - Emerging markets net sales fell by 16% reported but only 5% organically, with Brazil showing strong growth of 18% reported and 29% organically[28] - Estimated net change in distributor inventories showed a 3% increase in the United States and a 4% increase in Developed International markets[30] Product Performance - Whiskey net sales decreased 5% (-3% organic), led by lower Jack Daniel's Tennessee Whiskey volumes[4] - Tequila portfolio net sales declined 23% (-23% organic), with el Jimador down 26% (-26% organic)[4] - Ready-to-Drink portfolio net sales declined 12% (-4% organic), with Jack Daniel's RTD/RTP down 13% (-2% organic)[5] - US net sales declined 5% (-4% organic), with Jack Daniel's Tennessee Whiskey, el Jimador and Korbel leading the decrease[5] - Developed International markets net sales declined 9% (-6% organic), led by lower Jack Daniel's volumes[6] - Emerging markets net sales declined 16% (-5% organic), impacted by foreign exchange and Finlandia divestiture[8] - Diplomático brand shipments increased by 84% with net sales growth of 142% reported and 134% organically[26] - Non-branded and bulk sales grew by 27% both reported and organically[26][28] - Old Forester brand shipments increased by 7% with net sales growth of 16% both reported and organically[26] Market Performance - Developed International markets include Germany, Australia, the UK, France, Canada, and Spain, representing net sales of branded products[43] - Top emerging markets include Mexico, Poland, and Brazil, with Brazil also encompassing Uruguay, Paraguay, and surrounding territories[43] - Travel Retail represents net sales to global duty-free customers, travel retail customers, and the U.S. military[43] Category Definitions - Whiskey category includes Jack Daniel's family of brands, Woodford Reserve, Old Forester, and others, with American whiskey and super-premium American whiskey as subcategories[45][46] - Ready-to-Drink (RTD) category includes Jack Daniel's RTD/RTP products, New Mix, and other RTD/RTP products, with Jack Daniel's & Coca-Cola RTD as a specific subcategory[46] - Tequila category includes el Jimador, Herradura, and other tequilas, while Rest of Portfolio includes divested brands like Sonoma-Cutrer and Finlandia[47] Operational and Strategic Updates - Jack Daniel's Country Cocktails production fully transitioned to Pabst Brewing Company in fiscal 2024, removing non-comparable operating activity related to Brown-Forman-produced products for fiscal 2024 and 2025[38] - Recognized a $13 million franchise tax refund in Q1 fiscal 2025 due to a change in Tennessee franchise tax calculation methodology, retroactively applied to fiscal 2020-2023[38] Data and Methodology - Consumer takeaway data, sourced from Nielsen and NABCA, measures consumer purchases from retail outlets and e-commerce channels, reflecting demand trends[50] - Estimated net change in distributor inventories calculated by comparing organic dollar amounts to depletion volumes, indicating potential inventory adjustments[51] Outlook - Fiscal 2025 outlook expects organic net sales growth of 2-4% and organic operating income growth of 2-4%[13]

distribution model to an owned-distribution model involves a significant undertaking, and subjects us to risks associated with that geographic region. If we are unsuccessful in our route-to-consumer strategies, including any transition to owned distribution, the sale and marketing of our products could be disrupted. Consolidation, whether domestically or internationally, among spirits producers, distributors, wholesalers, suppliers, or retailers and the increased growth of the e-commerce environment across ...

SUE PERRAM INVESTOR RELATIONS INVESTOR RELATIONS SUE_PEPRAM @B-F.COM 502-774-6862 Lawson Whiting, Brown-Forman's President and Chief Executive Officer shared, "In a challenging year within the spirits industry, Brown-Forman remained agile and focused on the long-term growth of our brands and our business. While our fiscal 2024 organic results reflect the inventory reductions across the entire spirits value chain, when you adjust for the changes in distributor inventory, we feel good about the results we del ...

(Mark One) | --- | --- | |------------------------------------------|--------------------------------------------------------| | | | | | | | Commission File No. | 001-00123 | | | Brown-Forman Corporation | | | (Exact name of Registrant as specified in its Charter) | | Delaware | 61-0143150 | | (State or other jurisdiction of | (IRS Employer | | incorporation or organization) | Identification No.) | | 850 Dixie Highway | | | Louisville, Kentucky | 40210 | | (Address of principal executive offices) | (Zip Cod ...

BROWN-FORMAN REPORTS YEAR-TO-DATE FISCAL 2024 RESULTS; UPDATES FULL YEAR OUTLOOK March 6, 2024, LOUISVILLE, KY — Brown-Forman Corporation (NYSE: BFA, BFB) reported financial results for its third quarter 1 2 and nine months ended January 31, 2024. Third quarter reported net sales decreased 1% to $1.1 billion (-2% on an organic basis ) 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 incre ...

United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ (502) 585-1100 (Registrant's telephone number, including area code) N/A (Former name, former address and former fiscal ye ...

FORM 10-Q ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ | --- | --- | --- | --- | |---------------------------------------------------|-------|-------------------|-------------------------------------------| | Title of each class | | Trading Symbol(s) | Name of each exchange on which registered | | Class A Common Stock (voting), $0.15 par value | | BFA | New York Stock Exchange | | Class B Common S ...