Brown-Forman Q1 FY2023: Net sales +11% (+17% organic), EPS $0.52 (+30%), reiterates FY guidance

BROWN FORMAN CORP

2023-Q1 EPS reported $0.52 revenue$1,007,000,000

Reported net sales $1.0B, +11% (+17% organic); operating income +19% (+32% organic); EPS $0.52 (+30%).
Jack Daniel's family of brands net sales +11% reported (+19% organic); Woodford Reserve +38% (+39% organic).
All geographic clusters and Travel Retail (+77% reported, +85% organic) saw strong growth; U.S. net sales +7%.
Gross margin expanded 80bps to 61.8%; marketing investment +23% (+28% organic).
Reiterated FY2023 guidance: mid-single digit organic net sales and op income growth; effective tax rate 22-23%; capex $190-210M.

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