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Top Stocks for Portfolio Growth AI Driven Stock Selection ✌️【Online Recruitment】✌️ Real-time global stock, futures, and forex data to help you master market dynamics. Brown-Forman, the parent company of Jack Daniel’s whiskey and Woodford Reserve bourbon, is laying off approximately 12% of its5,400 employees amid adownturn in spirits sales.
Top Stocks for Portfolio Growth AI Driven Stock Selection ✌️【Online Recruitment】✌️ Expert predictions of market trends to help you plan the best investment strategy for steady capital growth. The Louisville-based company has hiked prices in recent years to offset inflation and shield itself from the rising costs of materials, like wood for barrels. Inflation-weary drinkers have simultaneously dialed back their spending on pricey liquors, putting premium spirits makers like Brown-Forman infinancial peril.
Brown-Forman said the job cuts, which amount to nearly 700 people, will “enhance operational efficiency and agility.” It’s laying off 200 people by closing a Louisville cooperage, where wooden barrels are produced to age whiskey and bourbon.
Closing the cooperage and the layoffs will save between $70 and $80 million in annualized cost savings, according to Brown-Forman. A portion of that is “expected to be reinvested to accelerate growth,” the company said in a statement. Barrels will be sourced from an external supplier at a “competitive price,” the company added.
“I want to express my sincere gratitude to our employees, particularly those impacted by these changes, for their dedication and contributions to Brown‑Forman,” said CEO Lawson Whiting.
Top Stocks for Portfolio Growth AI Driven Stock Selection ✌️【Online Recruitment】✌️ Expert predictions with real-time global stock and futures data to help you easily capture market movements. Related articleAmericans have already been ditching spirits and beer. Alcohol companies are future proofing themselves
Top Stocks for Portfolio Growth AI Driven Stock Selection ✌️【Online Recruitment】✌️ Real-time updates of global stock indices and futures trends to help you plan precise investments. The announcement comes a few weeks after the US Surgeon Generalissued a warningthat alcohol consumption can increase the risk of cancer and called for an updated health warning label on alcoholic beverages.
Following a pandemic peak in 2020 through 2022, spirit companies have been contending with slowing sales. Brown-Formanfirst sounded the alarmin 2023 when it reported whiskey sales were falling — a stark contrast compared to a year prior when they were soaring by double-digit percentage points.
Brown-Forman’s (BF.B) shares have lost more than 30% of their value over the past year. The company has a diverse portfolio of liquor, owning Herradura tequila, The Glendronach scotchwhisky, Diplomático Rum and Fords Gin among others. It also produces acanned cocktail with Coca-Cola.
Top Stocks for Portfolio Growth AI Driven Stock Selection ✌️【Online Recruitment】✌️ Precise stock selection to help you successfully plan investment strategies for stable returns. Most stock quote data provided by BATS. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. All times are ET. Factset: FactSet Research Systems Inc. All rights reserved. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and 【 - Free Stock Market Expert Consultation 】. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Fair value provided by IndexArb.com. Market holidays and trading hours provided by Copp Clark Limited.
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