LOUISVILLE, Ky.–(BUSINESS WIRE)–Please replace the release with the following corrected version due to multiple revisions in the text (including the “First Half of Fiscal 2022 Market Results”, “First Half of Fiscal 2022 Other P&L Items” and “Fiscal 2022 Outlook” bullet sections.)

CORRECTING and REPLACING Brown-Forman Delivers Strong Net Sales Results and Raises Full Year Outlook

The updated release reads:

BROWN-FORMAN DELIVERS STRONG NET SALES RESULTS AND RAISES FULL YEAR OUTLOOK

Brown-Forman Corporation (NYSE: BFA, BFB) announced financial results for its second quarter and first half of fiscal 2022. For the second quarter, the company’s net sales1 of $994 million increased 1% (+7% on an underlying basis2) compared to the same prior-year period. In the quarter, operating income decreased 2% to $322 million (+10% on an underlying basis) and diluted earnings per share decreased 2% to $0.49.

For the first six months of the fiscal year, the company’s net sales increased 9% to $1,900 million (+12% on an underlying basis) compared to the same prior-year period. In the first half, operating income decreased 15% to $611 million (+13% on an underlying basis) and diluted earnings per share declined 24% to $0.89 primarily due to the gain from the sale of the Canadian Mist, Early Times, and Collingwood brands in the prior year.

“Despite the many challenges and ongoing uncertainties created by the pandemic, Brown-Forman’s business remains incredibly strong,” said Lawson Whiting, Brown-Forman’s President and Chief Executive Officer. Whiting added, “We are pleased with the strong first half of the fiscal year and remain confident in our ability to deliver sustainable long-term growth, particularly given consumers’ increasing preference for premium spirits and our strength in the growing American whiskey and tequila categories.”

First Half of Fiscal 2022 Highlights

  • Net sales grew 9% (+12% underlying)

    • Developed international, emerging markets, and the Travel Retail3 channel delivered strong double-digit net sales growth.
    • Net sales in the United States were flat (+6% underlying).
    • Jack Daniel’s family of brands grew net sales 9% (+11% underlying) powered by 14% net sales growth (+15% underlying) from Jack Daniel’s Tennessee Whiskey.
    • Premium bourbons grew net sales 11% (+18% underlying) driven by sustained double-digit growth from Woodford Reserve and Old Forester.
    • The tequila portfolio grew net sales 16% (+16% underlying) led by double-digit growth from Herradura and el Jimador.
  • Strong free cash flow2 of $302 million was generated, a 19% increase compared to the prior-year period.

First Half of Fiscal 2022 Brand Results

  • Jack Daniel’s family of brands grew net sales 9% (+11% underlying) led by Jack Daniel’s Tennessee Whiskey, which benefited from higher volumes globally and favorable channel mix in the United States related to the on-premise reopening. Further contributions to net sales growth were driven by higher volumes for Jack Daniel’s RTDs and Jack Daniel’s Tennessee Honey, as well as the ongoing international launch of Jack Daniel’s Tennessee Apple. Supply chain disruptions adversely impacted these gains during the first half of the fiscal year.
  • Premium bourbons, led by Woodford Reserve and Old Forester, maintained double-digit net sales growth fueled by strong volumetric gains in the United States and Travel Retail despite supply chain disruptions.
  • The tequila portfolio’s underlying net sales grew 16% (+16% underlying) propelled by double-digit net sales growth for Herradura and el Jimador. Herradura grew volumes in the United States along with Mexico, which cycled against a weaker prior-year base. el Jimador’s net sales growth was driven by broad-based volume gains in the United States, Latin America, and the United Kingdom. These gains were partially offset by lower volumes of New Mix in Mexico reflecting a difficult prior-year comparison when volumes benefited from a temporary supply chain disruption in the beer industry.

First Half of Fiscal 2022 Market Results

  • Net sales growth in the United States3 was flat (+6% underlying). Gains, primarily driven by Jack Daniel’s Tennessee Whiskey, premium bourbons, and tequilas, were largely offset by an estimated net decrease in distributor inventories, the effect of acquisitions and divestitures, and lower volumes in the off-premise channel driven by a strong prior-year comparison. Supply chain disruptions had an adverse impact on results.
  • Developed international3 markets grew net sales 14% (+12% underlying), driven by broad-based growth led by Germany, the United Kingdom, Korea, and Spain.
  • The company’s emerging markets3 net sales growth of 26% (+25% underlying) was propelled by volume gains across most markets largely driven by favorable prior-year comparisons. Supply chain disruptions had an adverse impact on results.
  • Net sales in the Travel Retail3 channel increased 38% (+64% underlying) primarily due to a favorable prior-year comparison, which was significantly impacted by COVID-19 related travel bans and restrictions.

First Half of Fiscal 2022 Other P&L Items

  • Gross profit increased 9% (+12% underlying). Gross margins contracted slightly to 60.1% driven primarily by unfavorable cost/mix, largely offset by impact of the sale of the Canadian Mist, Early Times, and Collingwood brands in the prior year.
  • The company’s investment in advertising increased 24% (+23% underlying) as the company cycled against a substantial reduction in promotional activity during the same period last year due to COVID-19.
  • Selling, general, and administrative expenses increased 10% (+8% underlying) reflecting the timing of higher compensation-related expenses, an increase in non-income tax reserves, and cycling against lower discretionary spend in the prior-year period.
  • Operating income decreased 15% (+13% underlying), while diluted earnings per share decreased 24% to $0.89, primarily driven by the $0.19 per share impact from the gain on the sale of the Canadian Mist, Early Times, and Collingwood brands in the prior year.

First Half of Fiscal 2022 Financial Stewardship

  • On November 18, 2021, Brown-Forman’s Board of Directors approved a 5% increase in the regular quarterly cash dividend to $0.1885 per share on the Class A and Class B common stock. The quarterly cash dividend is payable on December 28, 2021 to stockholders of record on December 3, 2021. This marked the company’s 78th year of paying consecutive dividends and the 38th year of increases in its regular quarterly dividend.
  • Brown-Forman’s Board of Directors also declared a special dividend of approximately $480 million, or $1.00 per share, on its Class A and Class B common stock. This special cash dividend is payable on December 29, 2021 to stockholders of record on December 9, 2021.

Fiscal 2022 Outlook

  • While volatility and uncertainty persists in the operating environment due to COVID-19 and supply chain disruptions, we remain confident in our growth momentum and have revised our full-year underlying net sales outlook from mid-single digit to high-single digit growth.

    Currently, we are managing through the impact of global supply chain disruptions, including glass supply, and have deployed a number of risk mitigation strategies to address the various constraints on our business. While we expect supply chain disruptions to persist throughout the fiscal year, we believe the impact will become less significant in the second half of the year.

  • We continue to expect reported gross margin to be flat or slightly down for the full year compared to fiscal 2021, reflecting the unfavorable impacts of supply chain disruptions, higher input costs related to commodity prices, and higher transportation costs. The outlook reflects the modest positive impact of the January 1, 2022 suspension of tariffs on American whiskey exports to the European Union.
  • Considering the revised underlying net sales outlook and our intent to align advertising investment growth with underlying net sales growth, we have revised underlying operating expense expectations from mid-single digit to high-single digit growth for the full year.
  • As a result of the above factors, we now expect high-single digit underlying operating income growth for the full year.
  • Our effective tax rate outlook continues to be in the range of approximately 22-23%.
  • We continue to anticipate that our quarterly results will be volatile for the remainder of fiscal 2022, particularly underlying advertising expense and underlying operating income, as a result of the unusual comparisons to last year.

Conference Call Details

Brown-Forman will host a conference call to discuss these results at 10:00 a.m. (ET) today. All interested parties in the United States are invited to join the conference call by dialing 833-962-1472 and asking for the Brown-Forman call. International callers should dial +1-442-268-1255. The company suggests that participants dial in 10 minutes in advance of the 10:00 a.m. (ET) start of the conference call. A live audio broadcast of the conference call, and the accompanying presentation slides, will also be available via Brown-Forman’s Internet website, http://www.brown-forman.com/, through a link to “Investors/Events & Presentations.” A digital audio recording of the conference call and the presentation slides will also be posted on the website and will be available for at least 30 days following the conference call.

For over 150 years, Brown-Forman Corporation has enriched the experience of life by responsibly building fine quality beverage alcohol brands, including Jack Daniel’s Tennessee Whiskey, Jack Daniel’s Tennessee RTDs, Jack Daniel’s Tennessee Honey, Jack Daniel’s Tennessee Fire, Jack Daniel’s Tennessee Apple, Gentleman Jack, Jack Daniel’s Single Barrel, Woodford Reserve, Old Forester, Coopers’ Craft, GlenDronach, Benriach, Glenglassaugh, Slane, Herradura, el Jimador, New Mix, Korbel, Sonoma-Cutrer, Finlandia, Chambord, and Fords Gin. Brown-Forman’s brands are supported by approximately 4,700 employees and sold in more than 170 countries worldwide. For more information about the company, please visit http://www.brown-forman.com/.

Important Information on Forward-Looking Statements:

This press release contains statements, estimates, and projections that are “forward-looking statements” as defined under U.S. federal securities laws. Words such as “aim,” “anticipate,” “aspire,” “believe,” “can,” “continue,” “could,” “envision,” “estimate,” “expect,” “expectation,” “intend,” “may,” “might,” “plan,” “potential,” “project,” “pursue,” “see,” “seek,” “should,” “will,” “would,” and similar words indicate forward-looking statements, which speak only as of the date we make them. Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. By their nature, forward-looking statements involve risks, uncertainties, and other factors (many beyond our control) that could cause our actual results to differ materially from our historical experience or from our current expectations or projections. These risks and uncertainties include, but are not limited to:

  • Our substantial dependence upon the continued growth of the Jack Daniel’s family of brands
  • Substantial competition from new entrants, consolidations by competitors and retailers, and other competitive activities, such as pricing actions (including price reductions, promotions, discounting, couponing, or free goods), marketing, category expansion, product introductions, or entry or expansion in our geographic markets or distribution networks
  • Route-to-consumer changes that affect the timing of our sales, temporarily disrupt the marketing or sale of our products, or result in higher fixed costs
  • Disruption of our distribution network or inventory fluctuations in our products by distributors, wholesalers, or retailers
  • Changes in consumer preferences, consumption, or purchase patterns – particularly away from larger producers in favor of small distilleries or local producers, or away from brown spirits, our premium products, or spirits generally, and our ability to anticipate or react to them; further legalization of marijuana; shifts in consumer purchase practices; bar, restaurant, travel, or other on-premise declines; shifts in demographic or health and wellness trends; or unfavorable consumer reaction to new products, line extensions, package changes, product reformulations, or other product innovation
  • Production facility, aging warehouse, or supply chain disruptions
  • Imprecision in supply/demand forecasting
  • Higher costs, lower quality, or unavailability of energy, water, raw materials, product ingredients, or labor
  • Impact of health epidemics and pandemics, including the COVID-19 pandemic, and the risk of the resulting negative economic impact and related governmental actions
  • Unfavorable global or regional economic conditions, particularly related to the COVID-19 pandemic, and related economic slowdowns or recessions, low consumer confidence, high unemployment, weak credit or capital markets, budget deficits, burdensome government debt, austerity measures, higher interest rates, higher taxes, political instability, higher inflation, deflation, lower returns on pension assets, or lower discount rates for pension obligations
  • Product recalls or other product liability claims, product tampering, contamination, or quality issues
  • Negative publicity related to our company, products, brands, marketing, executive leadership, employees, board of directors, family stockholders, operations, business performance, or prospects
  • Failure to attract or retain key executive or employee talent
  • Risks associated with acquisitions, dispositions, business partnerships, or investments – such as acquisition integration, termination difficulties or costs, or impairment in recorded value
  • Risks associated with being a U.S.-based company with a global business, including commercial, political, and financial risks; local labor policies and conditions; protectionist trade policies, or economic or trade sanctions, including additional retaliatory tariffs on American whiskeys and the effectiveness of our actions to mitigate the negative impact on our margins, sales, and distributors; compliance with local trade practices and other regulations; terrorism; and health pandemics
  • Failure to comply with anti-corruption laws, trade sanctions and restrictions, or similar laws or regulations
  • Fluctuations in foreign currency exchange rates, particularly a stronger U.S. dollar
  • Changes in laws, regulatory measures, or governmental policies – especially those that affect the production, importation, marketing, labeling, pricing, distribution, sale, or consumption of our beverage alcohol products
  • Tax rate changes (including excise, corporate, sales or value-added taxes, property taxes, payroll taxes, import and export duties, and tariffs) or changes in related reserves, changes in tax rules or accounting standards, and the unpredictability and suddenness with which they can occur
  • Decline in the social acceptability of beverage alcohol in significant markets
  • Significant additional labeling or warning requirements or limitations on availability of our beverage alcohol products
  • Counterfeiting and inadequate protection of our intellectual property rights
  • Significant legal disputes and proceedings, or government investigations
  • Cyber breach or failure or corruption of our key information technology systems or those of our suppliers, customers, or direct and indirect business partners, or failure to comply with personal data protection laws
  • Our status as a family “controlled company” under New York Stock Exchange rules, and our dual-class share structure

For further information on these and other risks, please refer to our public filings, including the “Risk Factors” section of our annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.

Brown-Forman Corporation

Unaudited Consolidated Statements of Operations

For the Three Months Ended October 31, 2020 and 2021

(Dollars in millions, except per share amounts)

 

 

 

 

 

 

2020

 

2021

 

Change

 

 

 

 

 

 

Net sales

$

985

 

 

$

994

 

 

1%

Cost of sales

404

 

 

404

 

 

0%

Gross profit

581

 

 

590

 

 

2%

Advertising expenses

95

 

 

104

 

 

10%

Selling, general, and administrative expenses

155

 

 

165

 

 

6%

Other expense (income), net

1

 

 

(1)

 

 

 

Operating income

330

 

 

322

 

 

(2%)

Non-operating postretirement expense

2

 

 

2

 

 

 

Interest expense, net

19

 

 

19

 

 

 

Income before income taxes

309

 

 

301

 

 

(2%)

Income taxes

69

 

 

65

 

 

 

Net income

$

240

 

 

$

236

 

 

(2%)

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

Basic

$

0.50

 

 

$

0.49

 

 

(2%)

Diluted

$

0.50

 

 

$

0.49

 

 

(2%)

 

 

 

 

 

 

Gross margin

59.0

%

 

59.3

%

 

 

Operating margin

33.5

%

 

32.3

%

 

 

 

 

 

 

 

 

Effective tax rate

22.1

%

 

21.6

%

 

 

 

 

 

 

 

 

Cash dividends paid per common share

$

0.1743

 

 

$

0.1795

 

 

 

 

 

 

 

 

 

Shares (in thousands) used in the

 

 

 

 

 

calculation of earnings per share

 

 

 

 

 

Basic

478,506

 

 

478,857

 

 

 

Diluted

480,748

 

 

480,518

 

 

 

Brown-Forman Corporation

Unaudited Consolidated Statements of Operations

For the Six Months Ended October 31, 2020 and 2021

(Dollars in millions, except per share amounts)

 

 

2020

 

2021

 

Change

 

 

 

 

 

 

Net sales

$

1,738

 

 

$

1,900

 

 

9%

Cost of sales

692

 

 

757

 

 

9%

Gross profit

1,046

 

 

1,143

 

 

9%

Advertising expenses

157

 

 

194

 

 

24%

Selling, general, and administrative expenses

303

 

 

333

 

 

10%

Gain on sale of business

(127

)

 

 

 

 

Other expense (income), net

(4

)

 

5

 

 

 

Operating income

717

 

 

611

 

 

(15%)

Non-operating postretirement expense

3

 

 

2

 

 

 

Interest expense, net

39

 

 

39

 

 

 

Income before income taxes

675

 

 

570

 

 

(16%)

Income taxes

111

 

 

142

 

 

 

Net income

$

564

 

 

$

428

 

 

(24%)

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

Basic

$

1.18

 

 

$

0.89

 

 

(24%)

Diluted

$

1.17

 

 

$

0.89

 

 

(24%)

 

 

 

 

 

 

Gross margin

60.2

%

 

60.1

%

 

 

Operating margin

41.2

%

 

32.1

%

 

 

 

 

 

 

 

 

Effective tax rate

16.4

%

 

24.9

%

 

 

 

 

 

 

 

 

Cash dividends paid per common share

$

0.3486

 

 

$

0.3590

 

 

 

 

 

 

 

 

 

Shares (in thousands) used in the

 

 

 

 

 

calculation of earnings per share

 

 

 

 

 

Basic

478,413

 

 

478,822

 

 

 

Diluted

480,585

 

 

480,615

 

 

 

Brown-Forman Corporation

Unaudited Condensed Consolidated Balance Sheets

(Dollars in millions)

 

 

April 30,

2021

 

October 31,

2021

Assets:

 

 

 

Cash and cash equivalents

$

1,150

 

 

$

1,073

 

Accounts receivable, net

753

 

 

933

 

Inventories

1,751

 

 

1,793

 

Other current assets

263

 

 

233

 

Total current assets

3,917

 

 

4,032

 

 

 

 

 

Property, plant, and equipment, net

832

 

 

813

 

Goodwill

779

 

 

776

 

Other intangible assets

676

 

 

663

 

Other assets

318

 

 

332

 

Total assets

$

6,522

 

 

$

6,616

 

 

 

 

 

Liabilities:

 

 

 

Accounts payable and accrued expenses

$

679

 

 

$

708

 

Accrued income taxes

34

 

 

56

 

Short-term borrowings

205

 

 

19

 

Total current liabilities

918

 

 

783

 

 

 

 

 

Long-term debt

2,354

 

 

2,331

 

Deferred income taxes

169

 

 

164

 

Accrued postretirement benefits

219

 

 

218

 

Other liabilities

206

 

 

197

 

Total liabilities

3,866

 

 

3,693

 

 

 

 

 

Stockholders’ equity

2,656

 

 

2,923

 

 

 

 

 

Total liabilities and stockholders’ equity

$

6,522

 

 

$

6,616

 

 

 

 

 

Brown-Forman Corporation

Unaudited Condensed Consolidated Statements of Cash Flows

For the Six Months Ended October 31, 2020 and 2021

(Dollars in millions)

 

 

2020

 

2021

 

 

 

 

Cash provided by operating activities

$

283

 

 

$

335

 

 

 

 

 

Cash flows from investing activities:

 

 

 

Proceeds from sale of business

177

 

 

 

Additions to property, plant, and equipment

(29

)

 

(33

)

Other

(1

)

 

(2

)

Cash provided by (used for) investing activities

147

 

 

(35

)

 

 

 

 

Cash flows from financing activities:

 

 

 

Net change in short-term borrowings

26

 

 

(184

)

Dividends paid

(167

)

 

(172

)

Other

(14

)

 

(6

)

Cash used for financing activities

(155

)

 

(362

)

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

14

 

 

(15

)

 

 

 

 

Net increase (decrease) in cash and cash equivalents

289

 

 

(77

)

 

 

 

 

Cash and cash equivalents, beginning of period

675

 

 

1,150

 

 

 

 

 

Cash and cash equivalents, end of period

$

964

 

 

$

1,073

 

Schedule A

Brown-Forman Corporation

Supplemental Statement of Operations Information (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

Fiscal Year Ended

 

 

October 31, 2021

 

October 31, 2021

 

April 30, 2021

 

 

 

 

 

 

 

Reported change in net sales

 

1%

 

9%

 

3%

Acquisitions and divestitures

 

2%

 

2%

 

—%

Foreign exchange

 

(1)%

 

(1)%

 

(1)%

Estimated net change in distributor inventories

 

5%

 

2%

 

4%

Underlying change in net sales2

 

7%

 

12%

 

6%

 

 

 

 

 

 

 

Reported change in gross profit

 

2%

 

9%

 

(2)%

Acquisitions and divestitures

 

1%

 

1%

 

1%

Foreign exchange

 

(1)%

 

(1)%

 

(1)%

Estimated net change in distributor inventories

 

7%

 

3%

 

4%

Underlying change in gross profit2

 

8%

 

12%

 

3%

 

 

 

 

 

 

 

Reported change in advertising expenses

 

10%

 

24%

 

4%

Acquisitions and divestitures

 

—%

 

—%

 

—%

Foreign exchange

 

(1)%

 

(1)%

 

(2)%

Underlying change in advertising expenses2

 

9%

 

23%

 

2%

 

 

 

 

 

 

 

Reported change in SG&A

 

6%

 

10%

 

4%

Acquisitions and divestitures

 

—%

 

—%

 

—%

Foundation

 

—%

 

—%

 

(3)%

Foreign exchange

 

—%

 

(2)%

 

(1)%

Underlying change in SG&A2

 

6%

 

8%

 

—%

 

 

 

 

 

 

 

Reported change in operating income

 

(2)%

 

(15)%

 

7%

Acquisitions and divestitures

 

1%

 

20%

 

(10)%

Foundation

 

—%

 

—%

 

2%

Impairment Charges

 

1%

 

1%

 

(1)%

Foreign exchange

 

(2)%

 

1%

 

(2)%

Estimated net change in distributor inventories

 

12%

 

5%

 

9%

Underlying change in operating income2

 

10%

 

13%

 

4%

 

 

 

 

 

 

 

Note: Totals may differ due to rounding

 

 

 

 

 

 

See “Note 2 – Non-GAAP Financial Measures” for details on our use of Non-GAAP financial measures, how these measures are calculated and the reasons why we believe this information is useful to readers.

Schedule B

Brown-Forman Corporation

Supplemental Brand Information (Unaudited)

Six Months Ended October 31, 2021

 

 

% Change vs. Prior Year Period

Brand3

Depletions3

Net Sales

9-Liter4

Drinks

Equivalent3

Reported

Acquisitions

and

Divestitures

Foreign

Exchange

Estimated

Net Change

in

Distributor

Inventories

Underlying2

Whiskey

9%

11%

8%

2%

—%

2%

12%

Jack Daniel’s family of brands

8%

10%

9%

—%

—%

2%

11%

Jack Daniel’s Tennessee Whiskey

12%

12%

14%

—%

—%

—%

15%

Jack Daniel’s RTD and RTP

5%

5%

4%

—%

(2)%

4%

6%

Jack Daniel’s Tennessee Honey

6%

6%

(4)%

—%

—%

10%

6%

Gentleman Jack

(4)%

(4)%

(10)%

—%

—%

7%

(3)%

Jack Daniel’s Tennessee Fire

(4)%

(4)%

(5)%

—%

—%

1%

(4)%

Jack Daniel’s Tennessee Apple

39%

39%

55%

—%

2%

(26)%

30%

Other Jack Daniel’s Whiskey Brands

3%

3%

7%

—%

(1)%

3%

10%

Woodford Reserve

18%

18%

10%

—%

—%

7%

17%

Rest of Whiskey

18%

18%

(23)%

44%

(1)%

1%

21%

Tequila

(16)%

5%

16%

—%

(4)%

4%

16%

el Jimador

15%

15%

15%

—%

(2)%

6%

19%

Herradura

43%

43%

41%

—%

(3)%

8%

46%

Rest of Tequila

(24)%

(22)%

(10)%

—%

(7)%

—%

(17)%

Wine

3%

3%

9%

—%

—%

(7)%

2%

Vodka

14%

14%

26%

—%

(3)%

(2)%

21%

Rest of Portfolio

14%

14%

22%

(4)%

9%

(7)%

20%

Non-Branded and Bulk

NM

NM

18%

1%

—%

—%

18%

Total Portfolio

2%

10%

9%

2%

(1)%

2%

12%

Other Brand Aggregations

 

 

 

 

 

 

 

American whiskey

9%

11%

9%

1%

—%

3%

12%

Premium bourbons

17%

17%

11%

—%

—%

7%

18%

See “Note 2 – Non-GAAP Financial Measures” for details on our use of Non-GAAP financial measures, how these measures are calculated and the reasons why we believe this information is useful to readers.

Note: Totals may differ due to rounding

Schedule C

Brown-Forman Corporation

Supplemental Geographic Information (Unaudited)

Six Months Ended October 31, 2021

 

 

% Change vs. Prior-Year Period

Geographic Area3

Net Sales

Reported

Acquisitions

and

Divestitures

Foreign

Exchange

Estimated Net

Change in

Distributor

Inventories

Underlying2

United States

—%

3%

—%

3%

6%

Developed International

14%

—%

—%

(2)%

12%

Australia

6%

—%

(1)%

—%

4%

Germany

18%

—%

—%

—%

18%

United Kingdom

10%

—%

3%

(1)%

13%

France

4%

—%

(1)%

—%

4%

Canada

(14)%

1%

(5)%

21%

3%

Rest of Developed International

36%

2%

(2)%

(14)%

22%

Emerging

26%

—%

(2)%

—%

25%

Mexico

9%

—%

(9)%

—%

1%

Poland

3%

—%

(1)%

—%

2%

Brazil

31%

—%

(1)%

13%

43%

Russia

26%

—%

(11)%

7%

22%

Rest of Emerging

50%

—%

4%

(5)%

49%

Travel Retail

38%

3%

(2)%

26%

64%

Non-Branded and Bulk

18%

1%

—%

—%

18%

Total

9%

2%

(1)%

2%

12%

Contacts

ROB FREDERICK

VICE PRESIDENT

CORPORATE COMMUNICATIONS

502-774-7707

SUE PERRAM

DIRECTOR

INVESTOR RELATIONS

502-774-6862

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