Kentucky-based Brown-Forman Corporation reported weaker sales as the maker of Jack Daniel’s Tennessee Whiskey confronts challenging market conditions amid global trade conflicts and pinched consumer spending.
Officials with the Louisville spirits maker say full-year net sales of nearly $4 billion were down 5% from the previous year and fell 7% in the fourth quarter. Net income was down 15% for the full fiscal year and plunged 45% in the fourth quarter ending April 30th.
The quarterly drop occurred as Brown-Forman and other U.S. spirits producers, which rely heavily on foreign sales, felt the impact of President Trump's sweeping tariff plans and consumer anxiety about the economy.
Brown-Forman executives said American spirits brands remain off most store shelves in Canada. Trump has angered our northern neighbors with his trade war and calls to make Canada the 51st state.
Spirit makers in the Bluegrass State have expressed fears of becoming "collateral damage” by getting caught up in trade conflicts.
