Tariffs Weigh on Brown-Forman's Margins but Underlying Growth Solid; Shares Nearing FVE
As expected, the impact of tariffs weighed on wide-moat Brown-Forman's second-quarter results, with underlying net sales growing 3%. We attribute the comparatively soft top-line growth to the cadence of inventory buy-in (with an increase in the first quarter due to tariffs, primarily in Europe), rather than a loss of momentum across the firm's portfolio of premium whiskey and tequila brands. As evidence, underlying sales growth in the first half stood around 5%, which is closer to our full-year ...Brown-Forman primarily manufactures, bottles, imports, exports, markets, and sells a range of alcoholic beverage brands. Co.'s principal brands include, among other, Jack Daniel's Tennessee Whiskey; Jack Daniel's Tennessee Honey; Jack Daniel's RTDs; Gentleman Jack Rare Tennessee Whiskey; Jack Daniel's Tennessee Fire; Jack Daniel's Single Barrel Collection; Jack Daniel's Winter Jack; Jack Daniel's Sinatra Select; Jack Daniel's No. 27 Gold Tennessee Whiskey; Jack Daniel's Tennessee Rye; Korbel California Champagnes; Korbel California Brandy; Woodford Reserve Kentucky Bourbon; Woodford Reserve Double Oaked; Woodford Reserve Kentucky Rye Whiskey; Finlandia Vodkas; and Slane Irish Whiskey.
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