Lawson Whiting reports that Brown-Forman missed first-quarter sales estimates while maintaining annual targets.

Despite this decline, the company maintained its annual organic net sales forecast of flat growth. Brown-Forman reported that U.S. consumers are becoming more discerning in their spending patterns due to high inflation and job concerns. This has led to be lower drinking frequency and fewer casual purchases, such as bar visits and and impulse buys at retailers. The growing use of GLP-1 weight-loss drugs has also contributed to these behaviors. To address these user shifts, the company is focusing on flavored products and ready-to-drink cocktails. Net sales for the ready-to-drink portfolio increased by 20 percent, while whiskey sales remained flat. Lawson Whiting noted that momentum from the new mix, ready-to-drink portfolio, and Jack Daniel’s Tennessee Blackberry helped offset pressures in other areas of the business.