Brown-Forman's Whiskey Volume Continues to Expand in 3Q; Shares Remain Expensive
After evaluating Brown-Forman's third-quarter results, we think the wide-moat company is on track to meet our expectations for the year. Year to date, underlying net sales were up 7% with a roughly 2% contribution from price/mix, matching our annual outlook. The American whiskey portfolio, which we view as the core asset behind the firm’s competitive edge, continued to fuel top-line gains, with 7% underlying growth across the Jack Daniel’s family and double-digit underlying growth for Woodford R...
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