Sequentially Stronger Top and Bottom Line Results
The company delivered sequentially stronger top and bottom line results, with January marking the fifth consecutive month of positive 3-month rolling organic net sales trends, aligning organic net sales with full-year expectations.
Organic Net Sales Growth
Organic net sales grew 2% after adjusting for divestitures and other factors, with Woodford Reserve and Jack Daniel's Tennessee Whiskey as the largest drivers.
Woodford Reserve and Jack Daniel's Performance
Woodford Reserve's organic net sales grew by 10%, driven by higher volumes and positive price mix. Jack Daniel's Tennessee Whiskey's organic net sales increased by 2%.
Strong Performance in Emerging Markets
Emerging international markets delivered an 8% organic net sales increase, led by double-digit growth in Turkey and Brazil.
Execution of Strategic Initiatives
The company announced strategic initiatives, including restructuring the executive leadership team and reducing the global workforce by approximately 12%, expected to deliver $70 million to $80 million in annualized savings.