BF-B · 8-K · 20260902PR000048

Distributor Inventory Trends

BROWN FORMAN CORP · 2026-09-02 · Importance 25 · Surprise 32

Estimated distributor inventories decreased year over year in the United States, Developed International, and Emerging markets by 4%, 2%, and 3%, respectively; Travel Retail inventories increased 1%. By product, inventories declined 4% for Whiskey and 3% for Tequila, while Ready-to-Drink inventories increased 1%. The company identified distributor inventory reductions, including prior-year U.S. distributor transitions, as a factor affecting reported U.S. sales trends.

Key facts

• First-quarter fiscal 2027 U.S. estimated net change in distributor inventories was a 4% decrease. source
• First-quarter fiscal 2027 estimated net change in distributor inventories was a 1% increase for Ready-to-Drink and a 2% increase for New Mix. source
• First-quarter fiscal 2027 estimated net change in distributor inventories was a 3% decrease for Tequila, el Jimador, and Herradura. source