Latest news with #Brown-Forman
Business Insider
2 days ago
- Business
- Business Insider
Major US alcohol groups are begging Trump to slash tariffs before the holidays to keep them from losing $2 billion in sales
Major US alcohol producers are urging Donald Trump to cut tariffs ahead of the holidays. An alcohol association representing Beam Suntory and Brown-Forman sent a letter to the White House. It warned that the tariffs could result in a $2 billion sales loss and 25,000 American jobs lost. A group of 57 associations and guilds called the Toasts not Tariffs Coalition, said in a Wednesday letter to the White House that tariffs could result in a $2 billion sales loss in the holidays. "We reiterate our urgent request that the U.S. and EU come to an agreement to secure fair and reciprocal trade on spirits and wine," the group wrote in the letter. "As we approach the critical holiday season, a period that is essential to the success of our industries, we implore you to secure this important deal for the U.S. as soon as possible," it added. The letter comes as Trump's new tariffs went into effect at midnight on Thursday, with the European Union being slammed with a 15% tariff rate on most goods. However, the EU said on Tuesday said it would pause retaliatory tariffs for six months. Other countries, such as Switzerland and India, were hit much harder, with tariff rates of 39% and 50%, respectively. India's tariffs are set to go into effect later in August. In March, Trump also threatened to impose a 200% tariff on wine and other alcohol from the EU. The coalition said it estimated that a 15% tariff on EU wine and spirits could result in more than 25,000 American job losses and nearly $2 billion in lost sales. Per data from the US Distilled Spirits Council, the US exported $2.4 billion worth of spirits in 2024. Groups in the Toasts not Tariffs coalition represent US liquor heavyweights like Beam Suntory, the parent of Jim Beam, and Jack Daniel's owner Brown-Forman. The coalition also includes non-liquor bodies like the National Retail Federation and the National Restaurant Association. The Wednesday letter was the group's second appeal to the White House. It sent a similar letter in January, urging Trump to exclude wine and spirits from his coming tariffs and convince the US's trading partners not to apply retaliatory tariffs on their products. Kentucky's bourbon makers also appealed to the White House to ease up on tariffs after Canada's boycott of US alcohol in March. far-reaching consequences across Kentucky, home to 95% of the world's bourbon."
Hindustan Times
4 days ago
- Business
- Hindustan Times
Did Jack Daniel sense a looming doom for the Kentucky whiskey market? Here's a blow-by-blow breakdown
It seems the smooth pour of Kentucky whiskey has hit a rough patch, and Jack Daniel's parent company, Brown-Forman, appears to have sensed it coming. Brown-Forman plans to outsource barrel production, aiming to save $70-$80 million annually amid a struggling bourbon market. (AP Photo/Toby Talbot, File)(AP) Just this January, the Louisville-based spirits giant announced that it's cutting 12% of its global workforce and shutting down its very facility where it's been handcrafting barrels since 1945. The decision, expected to impact around 210 employees, is to save between $70 million and $80 million annually. Following Jack Daniel's exit, the message is clear: the whiskey business isn't what it used to be. ALSO READ| Kentucky whiskey bankruptcies: Which distilleries are broke, and why The company explained that it will now source barrels from external suppliers, expecting to bring in over $30 million by selling off its cooperage assets. Brown-Forman also shuffled and appointed Jeremy Shepherd as its new chief marketing officer. 'These actions reflect the venerable company's 'relentless focus on evolving our strategy, our portfolio and our organization to grow and thrive,'' said CEO Lawson Whiting, per AP. 'Today's announcement will ensure we have the structure and teams in place to continue on this path, while also making investments that we believe will facilitate growth for generations to come.' Kentucky whiskey market is going through bankruptcies While Brown-Forman is trying to stay nimble, this week a string of bankruptcies has shaken the state's $9 billion whiskey industry, according to the Kentucky Distillers' Association. LMD Holdings, the parent company of Luca Mariano Distillery in Danville, filed for Chapter 11, with court documents showing a jaw-dropping $25 million in liabilities. Garrard County Distilling, a $250 million operation that only began production in 2024, was shut down in April due to mounting debts. Even Stoli Group USA, along with its Kentucky Owl whiskey label, filed for bankruptcy after a double blow: declining spirits demand and a cyberattack that crippled operations. ALSO READ| How much cheaper will whiskey be after India-UK FTA? What experts said The problems are starting to mount industry-wide, whether it be inflation-strained consumers, Gen Zs' recent shift to not wanting whiskey, or renewed tsarphobia over tariffs on American liquor in the export markets.
Hindustan Times
5 days ago
- Business
- Hindustan Times
Kentucky whiskey bankruptcies: Which distilleries are broke, and why
Kentucky whiskey distilleries are finding operations are nowhere as smooth as the drinks they produce. Amid a gamut of problems, several distilleries have filed for bankruptcy. This January, Jack Daniel's parent company, Brown-Forman, announced that 12 per cent of its workforce was being let go. Image for representation.(Unsplash) As per the Kentucky Distillers' Association, the state's bourbon and whiskey industry is estimated to be around $9 billion. This comes amid an overall tough time for the American spirits and wine industry, which is seeing job cuts in an effort to remain profitable as the trading environment becomes more and more uncertain. This January, Jack Daniel's parent company, Brown-Forman, announced that 12 per cent of its workforce was being let go, and that they were shutting down a barrel-making plant in Louisville, Kentucky. So, which Kentucky distilleries have filed for bankruptcy? Kentucky distilleries that filed for bankruptcy LMD Holdings, the parent company of Luca Mariano Distillery, which is based out of Danville, filed for Chapter 11 bankruptcy. Court filings, accessed by Newsweek, show LMD Holdings has significant debt, including a "likely claim of over $25,000,000" which it owes to its largest creditor. Meanwhile, the Lexington Herald-Leader reported that some claims are under dispute. The filing came just weeks after it launched in June, with owner Francesco Viola telling the publication that the move meant to 'maximize the value of the assets for all stakeholders' and that the company was 'poised to emerge successfully, ideally with the support of its employees, customers, community and creditors.' This is not the only such case. Garrard County Distilling, a $250 million independent distillery, which started production in early 2024, was closed in April to settle unpaid debts. Also Read | Will tariff cuts give bourbon whiskey the boost it needs? Stoli Group USA filed for bankruptcy late in 2024, along with affiliate, the Kentucky Owl whiskey. Recently, the sale of Kentucky bourbon Wild Turkey has seen a slump as well. Campari Group, which owns the brand and its Lawrenceburg and Danville distilleries, reported in its half-year results that sales of Wild Turkey and Russell's Reserve fell 8.1 percent year-on-year 'due to a soft trend for Wild Turkey in its core United States market.' Why are so many distilleries filing for bankruptcy? Some of the challenges Kentucky distilleries are facing include cost-pressed consumers, shifting preference of young drinkers away from whiskey, and the potential impact of tariffs on sales in key export markets. Notably, these factors are also impacting other distilleries across the US. Stoli, meanwhile, filed for bankruptcy on the back of a sustained slowdown in spirits demand in the US, and a cyberattack that took down most of its operations, CNN reported.
Yahoo
24-07-2025
- Business
- Yahoo
Brown-Forman Stockholders Elect Directors, Farrer Named Chairman
Board Approves Cash Dividend LOUISVILLE, Ky., July 24, 2025--(BUSINESS WIRE)--Brown‑Forman Corporation (NYSE: BFA, BFB) stockholders convened today for their annual meeting, where they elected the Board of Directors' recommended slate of nominees and ratified the appointment of Ernst & Young LLP as the independent registered public accounting firm for fiscal year 2026. Marshall B. Farrer, a fifth-generation descendant of the company's founder and a current Director, was reelected to the Board of Directors and assumed the role of Chairman. This follows Campbell P. Brown's announcement in November 2024 that he would be stepping down from the Chairman role while standing for reelection as a Board member. "As the incoming Chairman, I am honored to help shape Brown-Forman's future by upholding our rich heritage with the highest standards of corporate governance, drawing on 155 years of leadership to continue building a company that endures across generations," said Farrer. "Our strength has always been rooted in long-term thinking, and we are steadfast in stewarding a legacy founded on integrity, quality, and care—ensuring this business thrives for generations to come." "We are pleased to welcome Marshall, a visionary thinker with excellent strategic acumen, to the role of Chairman," said Lawson E. Whiting, Brown-Forman's President and Chief Executive Officer. "The company extends its sincere gratitude to Campbell for his distinguished leadership and dedicated service." In a subsequent meeting, the Board of Directors approved a regular quarterly cash dividend of $0.2265 cents per share on its Class A and Class B Common Stock. The dividend is payable on October 1, 2025, to stockholders of record on September 3, 2025. Brown-Forman has paid regular quarterly cash dividends for 81 consecutive years and has increased the regular cash dividend for 41 consecutive years. "In an increasingly complex environment, it is more critical than ever for us to lean into the sources of our strength—our world-class portfolio of brands, our exceptional team of people, and the unwavering commitment of the Brown family," Whiting continued. "In fiscal 2025, we made strategic, forward-looking decisions to ensure we are positioned for long-term success, including evolving our U.S. distribution network, restructuring our global organization, and investing in key brands. As we look forward, our focus is on executing with excellence, optimizing our capital allocation, and capturing near-term opportunities to drive growth." Brown-Forman Brown-Forman Corporation is a global leader in the spirits industry, responsibly building exceptional beverage alcohol brands for more than 155 years. Headquartered in Louisville, Kentucky, we are guided by our founding promise, "Nothing Better in the Market." Our premium portfolio includes Jack Daniel's Family of Brands, Woodford Reserve, Old Forester, New Mix, el Jimador, Herradura, The Glendronach, Glenglassaugh, Benriach, Diplomático Rum, Gin Mare, Fords Gin, Chambord, and Slane. With approximately 5,000 employees worldwide, we proudly share our passion for fine-quality spirits in more than 170 countries. Learn more at and stay connected with us on LinkedIn, Instagram, and X. Important Information on Forward-Looking Statements: This press release contains statements that are "forward-looking statements" as defined under U.S. federal securities laws. These forward-looking statements reflect management's expectations or projections regarding future events and speak only as of the date we make them. Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. By their nature, forward-looking statements involve risks, uncertainties, and other factors (many beyond our control) that could cause our actual results to differ materially from our historical experience or from our current expectations or projections. For further information on factors that could cause our actual results to differ materially from our historical experience or from our current expectations or projections, please refer to our public filings, including the "Risk Factors" section of our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. View source version on Contacts Elizabeth Conway, Director, External CommunicationsElizabeth_Conway@ Sue Perram, Vice President, Investor RelationsSue_Perram@
Yahoo
17-07-2025
- Business
- Yahoo
BancFirst, Bath and Body Works, Brown-Forman, Warner Bros. Discovery, and Lululemon Shares Skyrocket, What You Need To Know
What Happened? A number of stocks jumped in the afternoon session after the second quarter (2025) earnings season got off to a strong start. Quarterly earnings reports released during the week exceeded Wall Street's expectations, fueling investor confidence. Around 50 S&P 500 components reported, with 88% of those exceeding analysts' expectations, FactSet data revealed. Investors were also encouraged by several positive reports that painted a picture of a resilient consumer. One key report revealed that shoppers increased their spending at U.S. retailers more than economists had anticipated. Precisely, retail sales increased 0.6% from May, surpassing the 0.2% estimate. This robust consumer spending is a crucial pillar supporting the economy. Adding to the positive sentiment, the latest data on unemployment claims showed a decrease in the number of workers applying for benefits, signaling that layoffs remain limited and the job market is steady. This combination of strong earnings reports, retail sales, and a solid labor market suggests the economy is navigating challenges successfully. The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Among others, the following stocks were impacted: Regional Banks company BancFirst (NASDAQ:BANF) jumped 3.5%. Is now the time to buy BancFirst? Access our full analysis report here, it's free. Beauty and Cosmetics Retailer company Bath and Body Works (NYSE:BBWI) jumped 3.1%. Is now the time to buy Bath and Body Works? Access our full analysis report here, it's free. Beverages, Alcohol, and Tobacco company Brown-Forman (NYSE:BF.B) jumped 3.2%. Is now the time to buy Brown-Forman? Access our full analysis report here, it's free. Media company Warner Bros. Discovery (NASDAQ:WBD) jumped 3.1%. Is now the time to buy Warner Bros. Discovery? Access our full analysis report here, it's free. Apparel Retailer company Lululemon (NASDAQ:LULU) jumped 3.1%. Is now the time to buy Lululemon? Access our full analysis report here, it's free. Zooming In On BancFirst (BANF) BancFirst's shares are not very volatile and have only had 6 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business. BancFirst is up 13.4% since the beginning of the year, and at $131.65 per share, has set a new 52-week high. Investors who bought $1,000 worth of BancFirst's shares 5 years ago would now be looking at an investment worth $3,327. Unless you've been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) semiconductor stock benefiting from the rise of AI. Click here to access our free report on our favorite semiconductor growth story. Sign in to access your portfolio
