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The popular whiskey from Baifu Gate is no longer selling well

芊芊551
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On June 5th, Brown Forman, a US liquor group, released its financial report for the fiscal year 2024 (May 1st, 2023 to April 30th, 2024).
The report shows that the company achieved net sales of $964 million (approximately RMB 6.985 billion) in the fourth quarter of the fiscal year, a year-on-year decrease of 8%; In the fiscal year 2024, the company achieved a net sales revenue of 4.178 billion US dollars (approximately RMB 30.275 billion), a year-on-year decrease of 1%.
Although sales have declined, due to the overall product price increase under the group, its net profit in the 2024 fiscal year reached 1.024 billion US dollars, a significant increase of 31% year-on-year.
Looking at different regions, Baifumen did not separately mention the performance of the Asia Pacific market and China region, but other emerging country markets to which China belongs showed an overall 6% year-on-year decline in net sales. Previously, some liquor dealers told Interface News that Jack Danny's sales were not as good as before the epidemic, which was related to the less than expected recovery of nightclub consumption and the backlog of some liquor inventories.
In addition, Baifumen has performed poorly in developed countries, with its net sales in the US market declining by 4%, while in the UK and Australia markets it has declined by 11% and 8% respectively. However, the company is focused on expanding into emerging country markets. For example, the net sales in the markets of Mexico, Poland, and Brazil increased by 19%, 15%, and 5% year-on-year, respectively.
In terms of product shipments, the overall shipment volume of Baifumen Group in the fiscal year 2024 was 49 million boxes (9L/box). From whiskey, ready to drink products, liqueurs, wine to vodka, the shipment volume of almost all categories of Baifumen Group has declined, with an overall decline of 8%.
Among them, the whisky category with sales accounting for over 42% had a shipment volume of 20.7 million boxes, a year-on-year decrease of 8%, and net sales decreased by 3%.
Specifically, the Jack Daniel Tennessee whisky series is its core product and is also well-known among Chinese consumers. Previously, this wine was considered a frequent customer of offline nightclubs in China. In recent years, it has also entered the online channels of Taobao and JD.com for sales, and has cooperated with real-time retail channels such as Waima Delivery Wine.
However, in the fiscal year 2024, the shipment volume of Jack Daniel Tennessee whisky was only 13.6 million boxes, a year-on-year decrease of 10%, and net sales decreased by 6%. This product accounts for over 27% of the sales of the entire Baifumen Group.
Apart from whisky, the ready to drink category is another major category under the Baifumen brand, with sales accounting for over 45% and shipments of 22.4 million boxes during the reporting period, a year-on-year decrease of 8%. It is worth noting that its net sales increased by 2% year-on-year, and the increase in volume reduction reflects the overall price increase of the product.
In this category, the shipment volume of ready to drink products in the Jack Daniel series was 12.2 million boxes, a year-on-year decrease of 15%, while net sales decreased by 6%. The shipment volume of the New Mix series was 10.2 million boxes, an increase of 4% year-on-year, while the net sales increased by 32% year-on-year. The difference between sales and sales shows that the sales price of this series of products has also increased.
Baifumen mentioned in its financial report that although sales have declined, the increase in product prices has effectively offset the adverse effects of the decline in sales.
Currently, price increases have become one of the important means for major foreign liquor companies to resist the risk of declining sales. According to publicly available information, in the first half of 2024, popular brands including McCarran, Gryffindor, Baifu, Daimo, Yamazaki, Xiang, Baizhou, Remy Martin, Louis XIII, and others saw a surge in prices for their products. This price hike has already involved multiple categories such as whisky, cognac, vodka, and rum.
Looking ahead to the fiscal year 2025, Baifumen expressed confidence in the market in its financial report. Driven by international market growth and inventory normalization, the group's net sales and operating revenue will resume growth in the fiscal year 2025.
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