Brown-Forman ‘exceeds’ rate of industry growth

Brown-Forman, producer of Jack Daniel’s, has celebrated what it claims has been one of the “most successful” years in its 144-year history during the election of its board of directors.

Brown-Froman has claimed its recent financial results show that it has “far exceeded” the rate of industry growth

The US group recently revealed that it had achieved a 6% net sales growth in fiscal year 2013/14, driven predominantly by soaring global demand for American whiskey.

It was also revealed that Jack Daniel’s Tennessee Honey had become the first flavoured whiskey to sell over one million cases.

At their annual meeting yesterday, the Brown-Forman Corporation’s shareholders were told the year represented one of the company’s most successful since it was founded in 1870.

Paul Varga, chairman and CEO of Brown-Forman, said the company’s underlying operating income growth “far exceeded” the rate of growth in the spirits industry.

“These consistently strong results were led by the remarkable Jack Daniel’s trademark, our portfolio skew to premium North American whiskey, and the continued globalization of our company,” he said.

Analysts yesterday revealed their predictions for Diageo’s 2013/14 results, claiming that the group’s focus on vodka rather than American whiskey could cause share losses in its key US market.

During Brown-Forman’s shareholder meeting, the board of directors was re-elected for the coming year and one new member to the board: Michael A. Todman, president of Whirlpool International, was also appointed.

Brown-Forman expects to deliver 6-8% growth in underlying sales in the next year.