On this page of StockholderLetter.com we present the latest annual shareholder letter from BROWN FORMAN CORP — ticker symbol BF.A. Reading current and past BF.A letters to shareholders can bring important insights into the investment thesis.
A World of
OPPORTUNITY
2024 Integrated Annual Report

More than 150 years ago, Brown-Forman
was founded by George Garvin Brown who sold
one brand, Old Forester, in one market, the
United States. Our employees now number 5,700,
and our portfolio has grown to more than 40 brands
sold in more than 170 countries. This extraordinary
global growth has been driven by our unwavering
desire to meet the preferences of our consumers
and stay true to our founding promise that there is
Nothing Better in the Market. As we deepen our resolve
and further our investment in our brands, our people, and
our environmental and social commitments, we see
A World of
OPPORTUNITY.
2024 Integrated Annual Report
1
Our
OPPORTUNITIES
Our Priorities
Dear Shareholders,
When I stepped into the role of President and CEO of Brown-Forman in January 2019, I did
so with tremendous confidence in Brown-Forman   s position within the spirits industry and
an unwavering belief that we had all the necessary components   the strategy, the portfolio,
the people, and the geographic breadth   to build our business for generations to come.
At the time, I recognized we worked in a dynamic
environment, where technological advancements,
generational and cultural shifts, and social and economic
uncertainty would require us to be agile, thoughtful, and
innovative. What I didn   t anticipate was the persistent
headwinds that would continually challenge our world,
our industry, and our company   tariffs, a global pandemic,
major supply chain disruptions, and significant inventory
fluctuations across the entire spirits industry, to name
only a few. Brown-Forman   s business has not been
immune to this adversity and the pressure it places
on our performance.
Even so, after nearly six years of leading this company
through uncertain and unprecedented times, I can
genuinely say my confidence and belief in
Brown-Forman has never wavered. We still have a solid
foundation on which to drive consistent, reliable growth
for our long-term shareholders   and we   ve made this
foundation stronger by investing boldly and thoughtfully
behind our brands, our global distribution network, and
our people. In the spirit of this year   s annual report theme,
you might say we   ve created    a world of opportunity.   
2 Brown-Forman
Unlocking Portfolio Growth
Opportunities
Unlocking new growth opportunities begins foremost
with our portfolio of brands. Brown-Forman has been on
a premiumization journey for the last two decades, and
today, I believe our portfolio is the strongest it has ever
been, with premium, super-premium, and ultra-premium
brands well-positioned to meet consumer trends and
preferences, today and in the future.
In fiscal 2024, our brands were recognized by spirits
enthusiasts as some of the best. Glenglassaugh Sandend
was named 2023 Whisky of the Year by Whisky Advocate,
the second year in a row a Brown-Forman brand claimed
the top spot, with Jack Daniel   s Bonded receiving the
honor the previous year. In the following pages of this
report, you will read about similar accolades for Woodford
Reserve, Old Forester, Herradura, and our Jack Daniel   s
super-premium innovations, such as Jack Daniel   s
10-Year-Old and Jack Daniel   s 12-Year-Old.
From our newest brands, including Diplom  tico Rum
and Gin Mare, to our long-standing stalwarts, such as
Jack Daniel   s Tennessee Whiskey and Woodford Reserve,
to our popular ready-to-drink (RTD) offerings, including
New Mix and the Jack Daniel   s & Coca-Cola RTD,
Brown-Forman   s portfolio provides us a strong
foundation to engage diverse consumers the world over.
   With your continued
support, we can deliver
strong results for
generations to come.   
LAWSON E. WHITING
President and Chief Executive Officer
Broadening Our Geographic Reach
Today, Brown-Forman brands are sold in more than
170 countries, yet there is still a long runway for growth as
we expand and elevate our route to market and introduce
our brands to new consumers around the world.
By the end of fiscal 2024, we had owned distribution
businesses in 16 countries, including Slovakia and
Japan, which launched in August 2023 and April 2024,
respectively. By owning our route to market, we gain
greater control over how our brands are marketed and
sold in these geographies. With our local teams focusing
their time and energy on the Brown-Forman brands with
the greatest growth potential, we believe we can expand
our portfolio in these markets and increase both our value
and market share.
In countries where we cannot own our distribution
business, such as the United States, we rely on
distribution partners and key relationships to help us
expand our presence in both the on- and off-premise
channels. In recent years, we have established
new relationships with Pabst Brewing Company,
Reyes Beverage Group, and The Coca-Cola Company to
extend our RTDs into new markets and outlets   ultimately
increasing brand awareness, visibility, and accessibility.
Guided by Strong Leadership
Of course, it takes a talented team of individuals to
anticipate trends, capitalize on opportunities, and
cultivate growth   and the strength of Brown-Forman   s
team is as unparalleled as our portfolio. My greatest
source of hope, pride, and inspiration has always been
the 5,700 people around the world who work tirelessly
on behalf of this great company. They continually rise to
every challenge and opportunity, meet obstacles with
fortitude and resolve, uphold our spirit of commitment in
interactions with colleagues and partners, and maintain
our company values as their guiding force.
In fiscal 2024, Brown-Forman announced the retirement
of three long-serving members of our Executive
Leadership Team: Matthew Hamel, EVP, General Counsel
and Secretary; Kirsten Hawley, EVP, Chief People, Places,
and Communications Officer; and Thomas Hinrichs, EVP,
President, Emerging International.
2024 Integrated Annual Report
3
 • shareholder letter icon 6/20/2024 Letter Continued (Full PDF)
 • stockholder letter icon 6/22/2023 BF.A Stockholder Letter
 • stockholder letter icon More "Miscellaneous" Category Stockholder Letters
 • Benford's Law Stocks icon BF.A Benford's Law Stock Score = 78


BF.A Shareholder/Stockholder Letter Transcript:

A World of
OPPORTUNITY
2024 Integrated Annual Report


More than 150 years ago, Brown-Forman
was founded by George Garvin Brown who sold
one brand, Old Forester, in one market, the
United States. Our employees now number 5,700,
and our portfolio has grown to more than 40 brands
sold in more than 170 countries. This extraordinary
global growth has been driven by our unwavering
desire to meet the preferences of our consumers
and stay true to our founding promise that there is
Nothing Better in the Market. As we deepen our resolve
and further our investment in our brands, our people, and
our environmental and social commitments, we see
A World of
OPPORTUNITY.
2024 Integrated Annual Report
1

Our
OPPORTUNITIES
Our Priorities
Dear Shareholders,
When I stepped into the role of President and CEO of Brown-Forman in January 2019, I did
so with tremendous confidence in Brown-Forman   s position within the spirits industry and
an unwavering belief that we had all the necessary components   the strategy, the portfolio,
the people, and the geographic breadth   to build our business for generations to come.
At the time, I recognized we worked in a dynamic
environment, where technological advancements,
generational and cultural shifts, and social and economic
uncertainty would require us to be agile, thoughtful, and
innovative. What I didn   t anticipate was the persistent
headwinds that would continually challenge our world,
our industry, and our company   tariffs, a global pandemic,
major supply chain disruptions, and significant inventory
fluctuations across the entire spirits industry, to name
only a few. Brown-Forman   s business has not been
immune to this adversity and the pressure it places
on our performance.
Even so, after nearly six years of leading this company
through uncertain and unprecedented times, I can
genuinely say my confidence and belief in
Brown-Forman has never wavered. We still have a solid
foundation on which to drive consistent, reliable growth
for our long-term shareholders   and we   ve made this
foundation stronger by investing boldly and thoughtfully
behind our brands, our global distribution network, and
our people. In the spirit of this year   s annual report theme,
you might say we   ve created    a world of opportunity.   
2 Brown-Forman
Unlocking Portfolio Growth
Opportunities
Unlocking new growth opportunities begins foremost
with our portfolio of brands. Brown-Forman has been on
a premiumization journey for the last two decades, and
today, I believe our portfolio is the strongest it has ever
been, with premium, super-premium, and ultra-premium
brands well-positioned to meet consumer trends and
preferences, today and in the future.
In fiscal 2024, our brands were recognized by spirits
enthusiasts as some of the best. Glenglassaugh Sandend
was named 2023 Whisky of the Year by Whisky Advocate,
the second year in a row a Brown-Forman brand claimed
the top spot, with Jack Daniel   s Bonded receiving the
honor the previous year. In the following pages of this
report, you will read about similar accolades for Woodford
Reserve, Old Forester, Herradura, and our Jack Daniel   s
super-premium innovations, such as Jack Daniel   s
10-Year-Old and Jack Daniel   s 12-Year-Old.
From our newest brands, including Diplom  tico Rum
and Gin Mare, to our long-standing stalwarts, such as
Jack Daniel   s Tennessee Whiskey and Woodford Reserve,
to our popular ready-to-drink (RTD) offerings, including
New Mix and the Jack Daniel   s & Coca-Cola RTD,
Brown-Forman   s portfolio provides us a strong
foundation to engage diverse consumers the world over.

   With your continued
support, we can deliver
strong results for
generations to come.   
LAWSON E. WHITING
President and Chief Executive Officer
Broadening Our Geographic Reach
Today, Brown-Forman brands are sold in more than
170 countries, yet there is still a long runway for growth as
we expand and elevate our route to market and introduce
our brands to new consumers around the world.
By the end of fiscal 2024, we had owned distribution
businesses in 16 countries, including Slovakia and
Japan, which launched in August 2023 and April 2024,
respectively. By owning our route to market, we gain
greater control over how our brands are marketed and
sold in these geographies. With our local teams focusing
their time and energy on the Brown-Forman brands with
the greatest growth potential, we believe we can expand
our portfolio in these markets and increase both our value
and market share.
In countries where we cannot own our distribution
business, such as the United States, we rely on
distribution partners and key relationships to help us
expand our presence in both the on- and off-premise
channels. In recent years, we have established
new relationships with Pabst Brewing Company,
Reyes Beverage Group, and The Coca-Cola Company to
extend our RTDs into new markets and outlets   ultimately
increasing brand awareness, visibility, and accessibility.
Guided by Strong Leadership
Of course, it takes a talented team of individuals to
anticipate trends, capitalize on opportunities, and
cultivate growth   and the strength of Brown-Forman   s
team is as unparalleled as our portfolio. My greatest
source of hope, pride, and inspiration has always been
the 5,700 people around the world who work tirelessly
on behalf of this great company. They continually rise to
every challenge and opportunity, meet obstacles with
fortitude and resolve, uphold our spirit of commitment in
interactions with colleagues and partners, and maintain
our company values as their guiding force.
In fiscal 2024, Brown-Forman announced the retirement
of three long-serving members of our Executive
Leadership Team: Matthew Hamel, EVP, General Counsel
and Secretary; Kirsten Hawley, EVP, Chief People, Places,
and Communications Officer; and Thomas Hinrichs, EVP,
President, Emerging International.
2024 Integrated Annual Report
3



shareholder letter icon 6/20/2024 Letter Continued (Full PDF)
 

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