- Brown-Forman press release (NYSE:BF.B): Q3 GAAP EPS of $0.54 beats by $0.08.
- Revenue of $1.04B (+14.2% Y/Y) beats by $58.51M.
- Fiscal Year 2022 Outlook: With our strong year-to-date performance and consumer demand along with supply chain constraints continuing to ease enabling some rebuild of inventory, we expect organic net sales growth of 11% to 13% for the full year. We project the costs associated with supply chain disruptions and inflationary cost headwinds will continue to have a negative impact on our gross margin, largely offset by a modest positive impact from the removal of tariffs in the EU. Therefore, we continue to expect reported gross margin to be flat or slightly down for the full year compared to fiscal 2021. We expect our organic operating expenses, which include advertising and SG&A, to increase in the 7% to 9% range. We anticipate organic advertising expense to be slightly below our organic net sales growth. Based on the above expectations, we anticipate organic income growth of 12% to 16% for the full year. We continue to expect our fiscal 2022 effective tax rate to be in the range of approximately 22% to 23%.
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