Brown Forman Corp 10-K Annual Report June 2022

- Brown-Forman Corporation (NYSE: BFA, BFB) reported financial results for its fourth quarter and fiscal year ended April 30, 2022. For the fourth quarter, the company’s reported net sales1 of $996 million increased 23% (+27% on an organic basis2). In the quarter, reported operating income increased 46% to $246 million (+62% on an organic basis) and diluted earnings per share increased 26% to $0.31.

For the full year, the company’s reported net sales increased 14% to $3,933 million (+17% on an organic basis). Reported operating income increased 3% to $1,204 million (+27% on an organic basis) in the fiscal year, while diluted earnings per share decreased 7% to $1.74 primarily due to higher income taxes partially offset by the increase in reported operating income. Earnings per share in fiscal 2021 included an estimated $0.20 per share benefit from the gain on the sale of the Early Times, Canadian Mist, and Collingwood brands and related assets.

Lawson Whiting, Brown-Forman’s President and Chief Executive Officer stated, “I am proud of our exceptional results, our strategic progress, and yet another year of growth despite numerous headwinds. We achieved these results due in large part to the resurgence of Jack Daniel’s Tennessee Whiskey, which experienced strong consumer demand as the on-premise channel reopened around the world. Equally important, we believe we are well positioned for continued growth in the fiscal year ahead given our strategic initiatives and our talented teams.”

Fiscal 2022 Highlights

•Reported net sales grew 14% (+17% organic) building on our fiscal 2021 growth.

◦All geographic clusters contributed meaningfully to strong reported net sales growth.

◦Jack Daniel’s Tennessee Whiskey fueled overall company performance with 20% reported net sales growth (+23% organic).

◦Premium bourbons, led by Woodford Reserve and Old Forester, grew reported net sales 17% (+17% organic).

◦The tequila portfolio, driven by Herradura and el Jimador, grew reported net sales 22% (+20% organic).

◦Gross margin expanded 30 basis points.

The following information was filed by Brown Forman Corp on Wednesday, June 8, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Brown Forman Corp provided additional information to their SEC Filing as exhibits

Exhibit 10.23: Material Contract

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 23.2: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

CIK: 14693
Form Type: 10-K Annual Report
Accession Number: 0000014693-22-000069
Submitted to the SEC: Fri Jun 17 2022 12:47:26 PM EST
Accepted by the SEC: Fri Jun 17 2022
Period: Saturday, April 30, 2022
Industry: Beverages