Brown-Forman Corp (NYSE: BF-B) (NYSE: BF-A) reported first-quarter FY24 sales growth of 3% year-on-year to $1.04 billion, missing the analyst consensus of $1.05 billion.
EPS of $0.48 missed the analyst consensus of $0.53.
The gross margin expanded 100 basis points Y/Y to 62.7%. The operating margin contracted 250 basis points to 31.5%, and operating income for the quarter fell 4% to $327 million.
The company held $426 million in cash and equivalents as of July 31, 2023. Cash provided by operating activities totaled $38 million.
"As anticipated, our first quarter growth was impacted by the difficult shipment comparison from fiscal 2023, when we rebuilt inventory impacted by prior glass su