Jefferson’s Bourbon boosts Castle Brands FY salesBy Owen Bellwood
Spirits producer Castle Brands saw its net sales for fiscal 2019 reach US$95.8 million, boosted by “continued growth” for Jefferson’s Bourbon.
The Knappogue Castle Irish whiskey owner reported a 6.6% net sales increase in the year ending 31 March 2019. Income from operations reached US$3.7m during the 12-month period – an 11.1% decrease compared to the previous fiscal year.
Jefferson’s Bourbon saw a 20.6% increase in case sales for fiscal 2019. To support the continued growth of Jefferson’s Bourbon, Castle Brands purchased an additional US$14.3m worth of Bourbon over the course of the year.
Richard J Lampen, president and chief executive officer of Castle Brands, said: “This was an outstanding year for Castle Brands. Continued growth of our more profitable brands, such as Jefferson’s, Goslings and Knappogue Irish whiskey, resulted in continued growth in revenue and gross profit.
“We expect the strong growth in Jefferson’s to continue to drive our long-term trends of increasing sales and improving financial performance.
“Jefferson’s is a key brand for us and we are very excited about our current bourbon inventories. The combination of our new fill programs and opportunistic purchases of aged whiskey resulted in our having over 30,000 barrels at the end of the fiscal year, enough to make approximately 750,000 cases of Jefferson’s.”
Castle Brands saw sales of its Goslings Stormy Ginger Beer exceed two million cases in fiscal 2019, a 6.4% increase compared to the prior fiscal year.
The company also released its Q4 2019 results, which showed net sales of US$26.9m – an 11.7% increase over net sales of US$24.1m in the comparable period last year.
Income from operations for the period was $2.9m, a 109.4% increase over the same period in 2018.