Brown-Forman Corp (BF.A) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Brown-Forman Corporation first-quarter fiscal year 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Brown-Forman 公司 2026 財年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Sue Perram, Vice President, Director of Investor Relations. Please go ahead.

現在，我想將會議交給今天的第一位發言者，副總裁兼投資者關係總監 Sue Perram。請繼續。

Thank you, and good morning, everyone. I would like to thank each of you for joining us today for Brown-Forman's first-quarter fiscal year 2026 earnings call. Joining me today are Lawson Whiting, President and Chief Executive Officer; and Leanne Cunningham, Executive Vice President and Chief Financial Officer.

謝謝大家，早安。我要感謝各位今天參加 Brown-Forman 2026 財年第一季財報電話會議。今天與我一起出席的還有總裁兼執行長 Lawson Whiting 和執行副總裁兼財務長 Leanne Cunningham。

This morning's conference call contains forward-looking statements based on our current expectations. Numerous risks and uncertainties may cause actual results to differ materially from those anticipated or projected in these statements. Many of the factors that will determine future results are beyond the company's ability to control or predict.

今天上午的電話會議包含基於我們目前預期的前瞻性陳述。許多風險和不確定性可能導致實際結果與這些聲明中預期或預測的結果有重大差異。許多決定未來結果的因素超出了公司的控製或預測能力。

You should not place undue reliance on any forward-looking statements, and except as required by law, the company undertakes no obligation to update any of these statements, whether due to new information, future events or otherwise. This morning, we issued a press release containing our results for the first quarter fiscal year 2026 in addition to posting presentation materials that Lawson and Leanne will walk through momentarily.

您不應過度依賴任何前瞻性陳述，除非法律要求，否則本公司不承擔更新任何這些陳述的義務，無論是由於新資訊、未來事件或其他原因。今天上午，我們發布了一份新聞稿，其中包含 2026 財年第一季的業績，此外還發布了 Lawson 和 Leanne 稍後將介紹的演示材料。

Both the release and the presentation can be found on our website under the section titled Investors, Events and Presentations. In the press release, we have listed a number of the risk factors you should consider in conjunction with our forward-looking statements. Other significant risk factors are described in our 2025 Form 10-K and from time to time in our Form 10-Q report filed with the Securities and Exchange Commission.

新聞稿和簡報均可在我們網站的「投資者、活動和簡報」部分找到。在新聞稿中，我們列出了您在閱讀我們的前瞻性陳述時應該考慮的一些風險因素。其他重大風險因素在我們向美國證券交易委員會提交的 2025 年 10-K 表格和 10-Q 表格報告中有所描述。

During this call, we will be discussing certain non-GAAP financial measures. These measures, a reconciliation to the most directly comparable GAAP financial measures and the reasons management believes they provide useful information to investors regarding the company's financial conditions and results of operations are contained in the press release and investor presentation.

在本次電話會議中，我們將討論某些非公認會計準則財務指標。這些指標與最直接可比較的 GAAP 財務指標進行了對賬，管理層認為這些指標能夠為投資者提供有關公司財務狀況和經營業績的有用信息，這些信息都包含在新聞稿和投資者介紹中。

With that, I would like to turn the call over to Lawson.

說完這些，我想把電話轉給勞森。

Thank you, Sue, and good morning, everyone. I'm glad to be with you to share the highlights and drivers of our first quarter fiscal 2026 top line performance with a focus on our geographic performance, a few unique headwinds to our business, and strategic innovation. Then I'll turn it over to Leanne who will share additional insights on other financial highlights, including gross margin and operating expenses before she wraps up with comments on our full year fiscal 2026 outlook, which we are reaffirming.

謝謝你，蘇，大家早安。我很高興與大家分享我們 2026 財年第一季營收表現的亮點和驅動因素，重點關注我們的地理表現、我們業務面臨的一些獨特阻力以及策略創新。然後，我將把時間交給 Leanne，她將分享更多有關其他財務亮點的見解，包括毛利率和營運費用，然後她將對我們重申的 2026 財年全年展望發表評論。

But before I begin, I wanted to take this opportunity to recognize Leanne and her 30-year career at Brown-Forman. As you likely read in our news release earlier this week, Leanne has made the decision to retire on May 1, 2026. She's been a respected colleague for the past three decades and a valued partner of mine since she joined the executive leadership team four years ago. I've seen the impact she's made not only on our business results and culture, but on the many people at Brown-Forman that she has mentored and developed over the years. Leanne, on behalf of the entire organization, thank you for everything you've done for Brown-Forman. You will be missed. So now on to our results.

但在開始之前，我想藉此機會表彰 Leanne 和她在 Brown-Forman 的 30 年職業生涯。正如您可能在本週早些時候的新聞稿中讀到的那樣，Leanne 已決定於 2026 年 5 月 1 日退休。在過去的三十年裡，她一直是一位受人尊敬的同事，自從四年前加入執行領導團隊以來，她一直是我寶貴的合作夥伴。我親眼見證了她不僅對我們的業務成果和文化產生的影響，而且對多年來她指導和培養的布朗福曼公司的眾多員工也產生了影響。Leanne，我代表整個組織感謝您為 Brown-Forman 所做的一切。我們會想念你的。現在來看看我們的結果。

Overall, I'm pleased with the start to our year. Our first quarter fiscal 2026 reported net sales declined 3%, but organic net sales increased 1% after adjusting for the A&D impact related to Sonoma-Cutrer, Finlandia, and Korbel as well as the negative effect of foreign exchange. From a geographic perspective, our organic net sales growth was led by the emerging international markets, which grew 25% in the travel retail channel, which increased 7%. This growth was partially offset by a 9% decline in the developed international markets collectively and a 2% decline in the United States. While there are a number of markets influencing these results, I'm going to focus on a few emerging and developed markets as well as the United States, which highlights some key successes, challenges, and transformations that we're driving across the business.

總體而言，我對今年的開始感到滿意。我們 2026 財年第一季報告的淨銷售額下降了 3%，但在調整了與 Sonoma-Cutrer、Finlandia 和 Korbel 相關的 A&D 影響以及外匯的負面影響後，有機淨銷售額增長了 1%。從地理角度來看，我們的有機淨銷售額成長主要由新興國際市場推動，其中旅遊零售通路成長了 25%，成長了 7%。這一成長被已開發國際市場整體下滑 9% 和美國下滑 2% 部分抵銷。雖然有許多市場影響著這些結果，但我將重點放在一些新興和已開發市場以及美國，這突顯了我們在整個業務中推動的一些關鍵成功、挑戰和轉型。

I'll start with key emerging international markets where we have positioned ourselves for strong growth. The economic environment in Mexico remains challenging with consumers trading down. But despite this, our organic net sales increased 22%. In addition, we gained market share and in the RTD and whiskey categories and continue to outperform in the takeaway results. Within RTDs, we've continued to lead the category in Mexico with the world's first tequila-based RTD, New Mix. And in an environment where consumers are seeking value, convenience, and flavor, we're well positioned, having leveraged innovation to fuel our growth and attract new consumers while continuing to engage our current consumers.

我首先會從主要的新興國際市場開始，我們已經在這些市場做好了強勁成長的準備。墨西哥的經濟環境仍充滿挑戰，消費者消費水準下降。但儘管如此，我們的有機淨銷售額仍成長了 22%。此外，我們在 RTD 和威士忌類別中獲得了市場份額，並且在外賣業績方面繼續表現出色。在即飲飲料領域，我們以世界上第一款以龍舌蘭為基酒的即飲飲料 New Mix 繼續引領墨西哥市場。在消費者追求價值、便利性和風味的環境中，我們處於有利地位，利用創新來推動我們的成長並吸引新消費者，同時繼續吸引現有消費者。

Brazil is another key growth driver of our emerging markets where organic net sales grew 30%. This is a result of many years of strategic focus on building the Jack Daniel's family of brands in the city of Sao Paulo. With this strong foundation in place, we've been expanding our geographic reach, increasing distribution for Jack Daniel's Tennessee Whiskey, along with Jack Daniel's Tennessee Apple, Honey, and Fire. In addition, we believe premiumization is an opportunity in the market. Through additional focus on our super-premium whiskey portfolio, we've driven increased distribution for brands such as Woodford Reserve, Jack Daniel's Single Barrel, and Gentleman Jack. While off a small base, these brands are growing at a very strong double-digit rate.

巴西是我們新興市場的另一個主要成長動力，其有機淨銷售額成長了 30%。這是多年來在聖保羅市致力於打造傑克丹尼品牌系列的戰略成果。有了這個堅實的基礎，我們一直在擴大我們的地理覆蓋範圍，增加傑克丹尼田納西威士忌以及傑克丹尼田納西蘋果、蜂蜜和火的分銷。此外，我們認為高端化是市場的一個機會。透過進一步關注我們的超高端威士忌產品組合，我們推動了 Woodford Reserve、Jack Daniel's Single Barrel 和 Gentleman Jack 等品牌的分銷成長。儘管基數較小，這些品牌卻以非常強勁的兩位數速度成長。

Turning to our developed markets. I want to focus on Europe, where consumer sentiment and confidence remain pressured in most European economies. Despite this, premiumization is still evident in some countries, and we're gaining share of the whiskey category in seven of the eight top European markets. Organic net sales in Germany declined 13% as economic conditions remain challenging for consumers and tariff uncertainty caused disruptions in ordering patterns from retailers, which negatively impacted the year-over-year trends. While total distilled spirits trends are in the mid-single-digit decline and the competitive environment is intensifying, Jack Daniel's Tennessee Whiskey grew value share in the market.

轉向我們的已開發市場。我想專注於歐洲，大多數歐洲經濟體的消費者情緒和信心仍然面臨壓力。儘管如此，高端化在一些國家仍然很明顯，我們在歐洲八大市場中的七個市場中正在獲得威士忌類別的份額。由於經濟狀況對消費者來說仍然充滿挑戰，且關稅不確定性導致零售商的訂購模式中斷，德國有機淨銷售額下降了 13%，這對同比趨勢產生了負面影響。儘管蒸餾酒整體趨勢呈現個位數中段下降且競爭環境日益加劇，但傑克丹尼田納西威士忌的市場價值份額卻有所增長。

We also saw double-digit growth for super premium brands such as Gentleman Jack and Diplomatico rum. Similar to Germany, economic conditions in the UK are negatively impacting consumer spending, contributing to an organic net sales decrease of 16%, while total distilled spirits trends, including the whiskey category, are in mid-single-digit decline, Jack Daniel's Tennessee Whiskey, again gained market share. The tequila category remains a bright spot, growing double digits with el Jimador gaining share, el Jimador remains the number one premium 100% agave tequila in the United Kingdom. We continue to see el Jimador as a key introduction to consumers globally on how mixable and great tasting 100% agave tequila can be. I'll wrap up my market comments with the United States where the decline in total Brazil spirits trends remain in the low single-digit range.

我們還看到 Gentleman Jack 和 Diplomatico 朗姆酒等超高端品牌實現了兩位數成長。與德國類似，英國的經濟狀況對消費者支出產生了負面影響，導致有機淨銷售額下降 16%，而包括威士忌類別在內的整體蒸餾酒趨勢呈個位數中段下降，傑克丹尼田納西威士忌再次獲得了市場份額。龍舌蘭酒類別仍然是一個亮點，隨著 El Jimador 份額的增加，其銷量實現了兩位數增長，El Jimador 仍然是英國排名第一的優質 100% 龍舌蘭酒。我們繼續將 el Jimador 視為向全球消費者展示 100% 龍舌蘭酒如何混合且味道極佳的關鍵。我將以美國市場為例來總結我的評論，其中巴西烈酒總體的下降趨勢仍然保持在個位數的低位範圍內。

While organic net sales declined 2%, the results were ahead of our depletion-based results and takeaway trends. This was largely influenced by the launch of Jack Daniel's Tennessee Blackberry and the US distributor transitions, which were effective on August 1. I'll talk more about Jack Daniel's Tennessee Blackberry in a few moments, but before I do that, I'd like to share a few thoughts on the distributor transitions.

儘管有機淨銷售額下降了 2%，但這一結果仍高於我們基於消耗的結果和外賣趨勢。這在很大程度上受到傑克丹尼田納西黑莓手機的推出以及 8 月 1 日生效的美國經銷商轉型的影響。稍後我將詳細介紹傑克丹尼田納西黑莓，但在此之前，我想分享一些關於分銷商轉型的想法。

As you may recall, this was the first time in 60 years, we had made a significant change to our distributor partners in the US. We began our work on the RFP process over a year ago with the goal of driving improved performance and a material impact to our business in the US. And while we're very much in the initial stage of the transition, we're pleased with the early signs from our distributors and believe these changes will unlock growth, strengthen our distributor partnerships and position us to compete effectively in the evolving US beverage alcohol industry.

大家可能還記得，這是 60 年來我們首次對美國經銷商合作夥伴做出重大調整。我們在一年前就開始了 RFP 流程的工作，目標是提高績效並對我們在美國的業務產生實質影響。雖然我們正處於轉型的初始階段，但我們對分銷商的早期跡象感到滿意，並相信這些變化將促進成長，加強我們的經銷商合作夥伴關係，並使我們能夠在不斷發展的美國酒精飲料行業中有效競爭。

Key outcomes of the RFP process, whether our relationship with the distributor is new or existing include increased dedication, updated business relationship terms, and expanded relationships and diversification. The increased dedication comes from an almost 3 times increase in head count dedicated to the Brown-Forman portfolio, dedicated selling divisions and dedicated roles in those divisions, which will bring greater focus and coverage to our brands. We have also updated our ways of working, investment and margin expectations with an increase in distributor investment and improved margin structure.

無論我們與經銷商的關係是新的還是現有的，RFP 流程的主要成果包括增加奉獻精神、更新業務關係條款以及擴大關係和多樣化。投入的增加源於負責 Brown-Forman 產品組合的員工數量、專門的銷售部門以及這些部門中的專門職位增加了近 3 倍，這將為我們的品牌帶來更大的關注度和覆蓋範圍。我們也更新了我們的工作方式、投資和利潤預期，增加了經銷商的投資並改善了利潤結構。

I'll turn now to a couple of items that are somewhat unique to Brown-Forman, used barrel sales and the trade dispute between the US and Canada, which created significant headwinds to our first quarter organic net sales results. Organic net sales for used barrels decreased over 40% with demand and pricing reflective of the current industry operating environment, particularly the Scotch and Irish whiskey suppliers. Canada's organic net sales declined nearly 60% as beverage alcohol products produced in the United States remained off the shelves in the majority of the Canadian provinces. While our non-US brands, such as Diplomatico and el Jimador continued to deliver growth, they were not able to offset the decline of our brands that are produced in the US. That said, we remain optimistic based on our recent developments related to tariffs under the USMCA.

現在，我將談談 Brown-Forman 獨有的幾個方面，即二手桶銷售和美國與加拿大之間的貿易爭端，這些因素對我們第一季的有機淨銷售額造成了重大阻力。二手桶的有機淨銷售額下降了 40% 以上，需求和定價反映了當前的行業經營環境，尤其是蘇格蘭威士忌和愛爾蘭威士忌供應商。由於美國生產的酒精飲料產品在加拿大大多數省份仍處於下架狀態，加拿大的有機淨銷售額下降了近 60%。雖然我們的非美國品牌（例如 Diplomatico 和 el Jimador）繼續成長，但它們無法抵消我們在美國生產的品牌的下滑。儘管如此，根據 USMCA 關稅方面的最新進展，我們仍然保持樂觀。

Finally, let me provide a few thoughts on strategic innovation, particularly for the Jack Daniel's family of brands, which saw the launch of Jack Daniel's Tennessee Blackberry in the US a few weeks ago. When it comes to innovation, our goal is to extend the brand's appeal to new consumers and capitalize on new occasions while strengthening the parent brand.

最後，讓我就策略創新談幾點想法，特別是對於傑克丹尼系列品牌而言，該品牌幾週前在美國推出了傑克丹尼田納西黑莓手機。在創新方面，我們的目標是擴大品牌對新消費者的吸引力，並利用新的機遇，同時加強母品牌。

The launch of Blackberry has been incredibly promising and was based on insights such as innovation, particularly from flavored whiskey and US whiskey being the largest growth contributor to total distilled spirits. Jack Daniel's has a proven track record of leveraging our global footprint and capabilities to extend the impact of new flavor launches. Blackberry is a globally relevant flavor trend across food and beverage categories in consumer testing, Jack Daniel's Tennessee Blackberry had high consumer appeal resonating with a very broad audience. Distributors are excited with shipments already exceeding our expectations, and we're getting wonderful feedback and buzz on the new product from existing fans, new consumers, customers, and the media.

Blackberry 的推出前景十分光明，它基於創新等洞察，特別是調味威士忌和美國威士忌是蒸餾酒總量的最大成長貢獻者。傑克丹尼 (Jack Daniel's) 一直致力於利用其全球影響力和能力來擴大新口味的影響力。在消費者測試中，黑莓是全球食品和飲料類別中相關的口味趨勢，傑克丹尼的田納西黑莓具有很高的消費者吸引力，引起了非常廣泛的受眾的共鳴。分銷商對出貨量超出我們的預期感到非常興奮，並且我們從現有粉絲、新消費者、客戶和媒體那裡獲得了對新產品的良好反饋和評價。

While we're excited about the start, we remain cautiously optimistic. Our work isn't done yet, and we need to fuel this excitement to drive continued momentum and strong consumer takeaway. While we're certainly proud of our strong track record of innovation, the long-term growth and resilience of the Jack Daniel's family of brands is also fueled by strategic relationships, such as our McLaren Formula One and music sponsorships. We're also leveraging an evolved on-premise strategy and our new media campaign to engage a new generation of legal drinking age consumers while remaining intently focused on retaining our core consumers.

儘管我們對開始感到興奮，但我們仍然保持謹慎樂觀。我們的工作尚未完成，我們需要激發這種興奮，以推動持續的發展勢頭和強勁的消費者外賣。雖然我們為自己強大的創新記錄感到自豪，但傑克丹尼品牌家族的長期成長和韌性也受到戰略關係的推動，例如我們與麥克拉倫一級方程式賽車和音樂的贊助。我們也利用改進的內部部署策略和新媒體活動來吸引新一代法定飲酒年齡的消費者，同時專注於留住我們的核心消費者。

As a result, compared to a year ago, we are seeing improvements in brand health driven by young adult spirit drinkers, across key measures of penetration, affinity, and uniqueness, we see significant positive shifts in brand performance over the last year, in particular, among legal drinking age to age 34 consumers but also among consumers aged 35 and above. These positive shifts across both age categories affirm that our strategic actions are reaching new consumers while not alienating those who have been friends of Jack for years. and we will continue to take bold actions to further enhance the health and growth of Jack Daniel's. We look forward to sharing more on this during our upcoming Investor Day on October 15, where our focus will be entirely on Jack. While in-person attendance is limited, the presentations will be webcast. Details regarding the live webcast of the presentation along with the Q&A session will be shared in the next few weeks.

因此，與一年前相比，我們看到在年輕成年烈酒飲用者的推動下，品牌健康狀況有所改善，在滲透率、親和力和獨特性等關鍵指標方面，我們看到去年品牌表現發生了顯著的積極變化，特別是在法定飲酒年齡為 34 歲以下的消費者以及 35 歲及以上的消費者中。這兩個年齡層的積極變化證明，我們的策略行動正在吸引新的消費者，同時又不會疏遠傑克丹尼多年的朋友。我們將繼續採取大膽行動，進一步促進傑克丹尼的健康和發展。我們期待在 10 月 15 日即將到來的投資者日上分享更多相關信息，屆時我們的重點將全部集中在傑克身上。雖然現場出席人數有限，但演講將透過網路直播。有關演講的網路直播和問答環節的詳細資訊將在未來幾週內分享。

Overall, I'm pleased with the start to our fiscal 2026 and believe we are still positioned to achieve our full year guidance. During the first quarter, we focused on strategically growing our portfolio of brands globally through a strengthened route to consumer and thoughtful innovation to help navigate the difficult short-term conditions. We're benefiting from our streamlined and simplified workforce structure, which will increase our agility in responding to this dynamic operating environment, and I'd like to thank our Brown-Forman employees for their efforts and dedication.

總體而言，我對 2026 財年的開局感到滿意，並相信我們仍然有能力實現全年目標。在第一季度，我們專注於透過加強消費者路線和深思熟慮的創新在全球範圍內策略性地擴大我們的品牌組合，以幫助應對困難的短期條件。我們受益於精簡的員工結構，這將提高我們應對這種動態營運環境的靈活性，我要感謝 Brown-Forman 員工的努力和奉獻。

With that, I'll turn the call over to Leanne who will provide more details on our first quarter 2026 results.

說完這些，我將把電話轉給 Leanne，她將提供有關我們 2026 年第一季業績的更多詳細資訊。

Thank you, Lawson, and good morning, everyone. As Lawson mentioned, I will provide additional insights on other financial highlights, including gross margin and operating expenses. I will then conclude our prepared remarks with comments on our full year fiscal 2021 outlook.

謝謝你，勞森，大家早安。正如勞森所提到的，我將對其他財務亮點提供更多見解，包括毛利率和營運費用。然後，我將以對 2021 財年全年展望的評論來結束我們的準備好的演講。

First, to our gross margin. In the first quarter of fiscal 2021 our reported gross profit decreased 2%, resulting in a reported gross margin of 59.8%. Our gross profit margin expanded 40 basis points due to a 240 basis point A&D benefit largely related to the absence of the prior year transition services agreement for Sonoma-Cutrer and Finlandia. This benefit was partially offset by 90 basis points of higher costs, largely due to the impact of inflation on our input cost and lower production levels, 50 basis points of unfavorable price mix due to the strong growth of New Mix and lower used barrel sales, and the 50 basis points of negative effect of foreign exchange, driven primarily by the strengthening of the Mexican peso.

首先，我們的毛利率。2021 財年第一季度，我們的報告毛利下降了 2%，報告毛利率為 59.8%。我們的毛利率擴大了 40 個基點，這歸因於 240 個基點的 A&D 收益，這主要與去年 Sonoma-Cutrer 和 Finlandia 沒有簽訂過渡服務協議有關。這一收益被 90 個基點的較高成本部分抵消，這主要是由於通貨膨脹對我們的投入成本和較低的生產水平的影響，由於新混合物的強勁增長和二手桶銷售的下降導致的 50 個基點的不利價格組合，以及 50 個基點的外匯負面影響，主要是由於墨西哥比索的走強。

Continuing with our other financial highlights, I'll turn to our operating expenses. In the first quarter, organic advertising expense decreased 3% as our long-term philosophy is to align A&P spend with our depletion-based top line trends and we are thoughtfully managing controllable expenses in this dynamic environment. We continue to believe our level of brand investment is healthy, which is evidenced by how we have increased our brand investment at a 4% CAGR over the last five years and that the strength of our brands enable us to remain competitive in the current environment.

繼續介紹我們的其他財務亮點，我將談論我們的營運費用。第一季度，有機廣告費用下降了 3%，因為我們的長期理念是將廣告和宣傳支出與基於消耗的營收趨勢保持一致，我們正在這個動態環境中精心管理可控費用。我們始終相信，我們的品牌投資水平是健康的，這一點可以從我們過去五年來以 4% 的複合年增長率增加品牌投資以及我們品牌的實力使我們能夠在當前環境中保持競爭力中得到證明。

Our organic SG&A investment decreased 7%, which reflected lower compensation-related expenses related to our workforce restructuring initiative we announced in January. Our new structure creates a more streamlined organization, leveraging greater synergies, and enhanced ways of working, which we believe will enable us to fuel the growth of our brands, our business and our people at a more rapid pace. In total, reported operating income decreased 7% and organic operating income increased 2% in the first quarter of fiscal 2026. In addition to the $19 million nonoperating postretirement expense, these results led to a 13% diluted earnings per share decrease to $0.36 per share.

我們的有機銷售、一般及行政費用 (SG&A) 投資減少了 7%，這反映了我們 1 月宣布的勞動力重組計劃相關的薪酬相關費用的降低。我們的新結構創造了一個更精簡的組織，利用了更大的協同效應和增強的工作方式，我們相信這將使我們能夠以更快的速度推動我們的品牌、業務和員工的成長。整體而言，2026 財年第一季報告的營業收入下降 7%，有機營業收入成長 2%。除了 1,900 萬美元的非營業性退休後支出外，這些結果還導致每股稀釋收益下降 13% 至每股 0.36 美元。

Now that we have been through our financial highlights for the first quarter of fiscal 2026, I'd like to turn the attention to our full year fiscal 2026 outlook, which, as Lawson shared, we are reaffirming. The operating environment remains volatile as the geopolitical and global macroeconomic conditions have created sustained levels of consumer uncertainty. We continue to expect that the behavior of the consumer and the level of trade inventories will not change meaningfully during the fiscal 2026 year.

現在我們已經了解了 2026 財年第一季的財務亮點，我想將注意力轉向我們對 2026 財年全年的展望，正如勞森所分享的，我們正在重申這一點。由於地緣政治和全球宏觀經濟條件造成消費者持續的不確定性，經營環境依然不穩定。我們繼續預計，在 2026 財年，消費者行為和貿易庫存水準不會發生重大變化。

While the global trade environment remains dynamic and fluid, our guidance assumes the current tariff impact on our products will remain unchanged. We strongly believe that the strength of our portfolio, the benefits of our route-to-consumer transitions and our evolved workforce structure, as well as strategic innovation will help us in navigating these short-term cyclical disruptions.

儘管全球貿易環境依然動態多變，但我們的指導假設當前關稅對我們產品的影響將保持不變。我們堅信，我們強大的產品組合、我們面向消費者的轉型帶來的好處、我們不斷發展的勞動力結構以及策略創新將幫助我們應對這些短期週期性中斷。

From a geographic perspective, we expect continued growth in our emerging markets and the depletion based trends in the US and developed international markets to remain similar to fiscal 2025 with the exception of Canada. While we are encouraged by recent discussions, American spirits products have been off the shelf in Canada for months. This had a significant impact on our first quarter of fiscal 2026, which will impact our full fiscal year results and has been included in our full year guidance.

從地理角度來看，我們預期新興市場將持續成長，而美國和已開發國際市場的消耗趨勢將與 2025 財年保持相似（加拿大除外）。雖然我們對最近的討論感到鼓舞，但美國烈酒產品在加拿大已經下架數月了。這對我們的 2026 財年第一季產生了重大影響，並將影響我們的整個財年業績，並已納入我們的全年指引。

In addition to Canada, the other cyclical driver is the year-over-year change in our used barrel sales. Our used barrel sales are returning to levels that are more typical and challenging and uncertain operating environment for our industry. We still expect used barrel sales to be lower by more than half of fiscal 2025 level, which is a significant year-over-year headwind. We continue to execute our long-term pricing strategy and expect to benefit from our revenue growth management activities and strategic innovation, particularly Jack Daniel's Tennessee Blackberry, while anticipating product mix headwinds due to the faster growth of our RTD portfolio and agency brands as we ramp up these businesses in Japan and Mexico.

除了加拿大之外，另一個週期性驅動因素是我們舊桶銷售的同比變化。我們的二手桶銷售量正在恢復到我們行業中更典型、更具挑戰性和不確定性的經營環境的水平。我們仍然預計，二手桶銷量將比 2025 財年的水平下降一半以上，這將是一個顯著的同比阻力。我們將繼續執行我們的長期定價策略，並期望從我們的收入成長管理活動和策略創新中受益，特別是傑克丹尼的田納西黑莓，同時預計由於我們的 RTD 產品組合和代理品牌在日本和墨西哥的業務擴張而導致的更快增長，產品組合將面臨阻力。

As we prepare for the launch of Jack Daniel's Tennessee Blackberry and the transition to our new distributors in the US, we experienced unusual phasing in the first quarter of fiscal 2026, leading to higher shipments compared to the year ago period. We continue to anticipate that shipments will roughly equal depletions in fiscal 2026, which will result in higher depletions and lower shipments as we progress through the remainder of the first half of our fiscal year.

在我們準備推出傑克丹尼田納西黑莓手機以及向美國新分銷商過渡的過程中，我們在 2026 財年第一季度經歷了不同尋常的分階段，導致出貨量與去年同期相比有所增加。我們繼續預計，2026 財年的出貨量將大致等於消耗量，這將導致本財年上半年剩餘時間內消耗量增加，出貨量減少。

As our new distributors become fully integrated and the initial launch of Jack Daniel's Tennessee Blackberry concludes, we anticipate that ordering patterns in the second half of the year will normalize to reflect more typical seasonality. For fiscal 2026, based on the currently known factors, we expect a low single-digit decline in organic net sales and reported gross margin expansion as we believe price mix will largely offset cost and that we will benefit from A&D. While input costs will continue to benefit from lower agave cost, we project higher costs compared to the prior year period, largely driven by the impact of inflation and lower production volumes.

隨著我們的新經銷商完全整合以及傑克丹尼田納西黑莓的首次發布結束，我們預計下半年的訂購模式將恢復正常，以反映更典型的季節性。對於 2026 財年，基於目前已知的因素，我們預計有機淨銷售額和報告毛利率將出現低個位數下降，因為我們相信價格組合將在很大程度上抵消成本，並且我們將受益於 A&D。雖然投入成本將繼續受益於龍舌蘭成本的降低，但我們預計成本將比去年同期更高，這主要是受到通貨膨脹和產量下降的影響。

In addition, as we shared previously, following the divestiture of Finlandia and Sonoma-Cutrer brands, we entered into transition services agreements, which had a negative impact on our overall reported gross margin. the TSAs had ended, resulting in a positive impact on a year-over-year basis. Also, the absence of Korbel is expected to benefit reported gross margin. Our outlook for organic operating expenses in this challenging environment continues to reflect investment behind our brands, utilizing our long-term brand expense philosophy to align A&P spend with our depletion-based top line growth.

此外，正如我們之前所分享的，在剝離芬蘭和索諾瑪-卡特勒品牌之後，我們簽訂了過渡服務協議，這對我們報告的整體毛利率產生了負面影響。 TSA 已經結束，對去年同期產生了積極影響。此外，科貝爾的缺席預計也將有利於報告的毛利率。在這個充滿挑戰的環境中，我們對有機營運費用的展望繼續反映出我們對品牌背後的投資，利用我們的長期品牌費用理念，將廣告和宣傳支出與我們基於消耗的營收成長保持一致。

We also continue to expect a reduction in SG&A related to our strategic workforce restructuring initiative. Based on the above, we are forecasting organic operating income to decline in the low single-digit range. We also expect our effective tax rate to be in the range of approximately 21% to 23%. We and that our estimated capital expenditures will be in the range of $125 million to $135 million for the fiscal year. While this range is lower than previous years, we have completed a number of projects and expansions and continue to fully invest behind our business.

我們也預計，與我們的策略性勞動力重組措施相關的銷售、一般及行政費用 (SG&A) 將持續減少。基於上述情況，我們預測有機營業收入將下降個位數以下。我們也預計我們的有效稅率將在約 21% 至 23% 的範圍內。我們預計本財年的資本支出將在 1.25 億美元至 1.35 億美元之間。雖然這一範圍低於前幾年，但我們已經完成了許多項目和擴展，並繼續全力投資我們的業務。

In addition to lower capital expenditures compared to fiscal 2025, we also continue to focus on reducing our finished goods inventory, which should further reduce our working capital and significantly improve cash generated. Our first quarter was a good start to fiscal 2026. While volatility and uncertainty will likely be words we continue to use throughout this fiscal year, we have taken actions focused on our geographies, our portfolio, and our people that we believe will enable us to navigate the short-term challenges as well as position the company to deliver long-term growth.

除了與 2025 財年相比資本支出較低之外，我們還繼續致力於減少成品庫存，這將進一步減少我們的營運資本並顯著提高現金產生量。我們的第一季是 2026 財年的良好開端。雖然波動性和不確定性可能是我們在整個財年繼續使用的詞語，但我們已經採取了針對我們地域、我們的投資組合和我們的員工的行動，我們相信這些行動將使我們能夠應對短期挑戰，並使公司實現長期成長。

Before opening the call to Q&A, I also wanted to take a moment to say thank you. It's impossible to put into words what the last three decades that Brown-Forman has meant to me. This journey has allowed me to travel the world, build some of the most iconic spirits brands, and work with the most talented teams in the industry. My greatest accomplishments are not personal achievements. They are the shared success that come from working with exceptional people who are passionate about making a difference. I look forward to working with Lawson and the entire executive leadership team to ensure a thoughtful seamless transition to my eventual successor and remain committed to delivering our fiscal 2026 ambitions.

在開始問答環節之前，我也想花點時間向大家表達感謝。我無法用言語來形容過去三十年 Brown-Forman 對我的意義。這趟旅程讓我有機會週遊世界，打造一些最具代表性的烈酒品牌，並與業界最有才華的團隊合作。我最大的成就不是個人成就。它們是與熱衷於做出改變的傑出人士一起工作而獲得的共同成功。我期待與勞森和整個執行領導團隊合作，確保向我的最終繼任者順利過渡，並繼續致力於實現我們的 2026 財年目標。

While my career at Brown-Forman will conclude next May, I will forever wear the titles of long-term shareholder, brand ambassador, and proud consumer of our highest quality premium plus portfolio.

雖然我在 Brown-Forman 的職業生涯將於明年五月結束，但我將永遠擁有長期股東、品牌大使和我們最高品質優質產品組合的驕傲消費者的頭銜。

This concludes our prepared remarks. Please open the line for questions.

我們的準備好的演講到此結束。請開通熱線以解答疑問。

(Operator Instructions) Peter Grom, UBS.

（操作員指示）瑞銀 (UBS) 的 Peter Grom。

Leanne, congratulations. Thank you so much for all the help over the years and best of luck moving forward. I guess I just wanted to follow up quickly just on kind of the distributor inventory impact. Clearly, a nice tailwind to sales in the first quarter. But I just want to understand and clarify kind of how you see that evolving as we move through the balance of the year.

Leanne，恭喜你。非常感謝您多年來的幫助，並祝您未來一切順利。我想我只是想快速跟進一下分銷商庫存的影響。顯然，這對第一季的銷售來說是一個很好的順風。但我只是想了解並澄清一下，隨著我們度過今年的剩餘時間，您如何看待這種情況的發展。

I think you mentioned, Leanne, that it would be largely complete by the end of the first half. So I just wanted to clarify that. As we look out to the second quarter, would you anticipate a 400 basis point headwind to organic sales? Or did I mishear that? Or am I misunderstanding that?

我想你提到過，Leanne，到上半年結束時它將基本完成。所以我只是想澄清這一點。展望第二季度，您是否預期有機銷售額將遭遇 400 個基點的阻力？還是我聽錯了？或者我誤解了這一點？

Yes. I think for the entire fiscal year, we're expecting shipments and depletions to be in line, and that's including our US where we're not expecting any significant changes in the level of our trade inventories. Now I know we tried -- in our June call, we said that there would be some shipment disruptions as we've made these transitions in the US. So it's kind of challenging right now to see through to some of these numbers.

是的。我認為，在整個財政年度，我們預計出貨量和消耗量將保持一致，其中包括美國，我們預計貿易庫存水準不會發生任何重大變化。現在我知道我們已經嘗試過了——在我們六月的電話會議上，我們說過，由於我們在美國進行這些轉變，可能會出現一些貨運中斷。因此，現在看透這些數字有點困難。

But in general, we believe that our distributors are going to continue to target the low end of their inventories. They're low into the normal range that retailers kind of have what they need. You can see for the first quarter in Schedule B that our shipments are ahead of depletion. That's really related to the launch of Jack Daniel's Tennessee Blackberry, the launch of the new el Jimador package, and then the distributor transitions in the US.

但總體而言，我們相信我們的經銷商將繼續瞄準低端庫存。它們處於正常範圍內，零售商可以滿足他們的需求。您可以在附表 B 中看到第一季我們的出貨量已經超出了消耗水準。這實際上與傑克丹尼田納西黑莓的推出、新 el Jimador 套裝的推出以及美國經銷商的轉型有關。

So you can see on Schedule D that there's a 6% increase in the US and that change of distributor inventories and then also in our emerging international markets a 10% increase. And that is due to just phasing comparisons over the prior year period for the UAE and rebuilding of some inventory in Paraguay and Uruguay because there was those importation disruptions that we had in fiscal '25. So where we believe will be -- so for full year, shipments and depletions in line with each other. Importantly, also at the first half, we should see our results to be in line with our full year guidance from a top line perspective.

因此，您可以在附表 D 上看到，美國分銷商庫存變化增加了 6%，而我們新興的國際市場也增加了 10%。這是因為阿聯酋與去年同期相比只是分階段進行，而巴拉圭和烏拉圭則重建了一些庫存，因為我們在 25 財年遇到了進口中斷。因此，我們相信全年的出貨量和消耗量將會保持一致。重要的是，同樣在上半年，從營收角度來看，我們的業績應該與全年預期一致。

Nadine Sarwat, Bernstein.

納丁·薩瓦特，伯恩斯坦。

Hello, Lawson and Leanne. I'd like to focus my question on the US. I perfectly appreciate the distributor inventory build and the disruption that causes. So I'd like to look through at the underlying growth rate, which was down 8% weaker than what you had in Q4 and Q1 last year. So two questions on that.

你好，Lawson 和 Leanne。我想重點問一下美國。我非常理解經銷商庫存的建立以及由此造成的混亂。因此，我想看一下潛在的成長率，它比去年第四季和第一季下降了 8%。關於這一點有兩個問題。

First, on the quarter, in particular, exiting the quarter, was the trend the same weaker, stronger and did the distributor (technical difficulty).

首先，在本季度，特別是在本季結束時，趨勢是否同樣減弱，增強，分銷商是否（技術難度）。

Second question is, given the underlying performance, has your view on whether the weak US alcohol trends, are they driven by structural or cyclical? I appreciate this question. It feels like we're beating a dead horse every quarter. But I'm sure you can appreciate it is a crucial question. Would love to get any updated thoughts that you have on that. Thank you both.

第二個問題是，鑑於潛在的表現，您認為美國酒精趨勢疲軟是由結構性因素還是週期性因素所驅動的？我很感謝這個問題。感覺我們每季都在做無用功。但我確信你能理解這是一個至關重要的問題。我很想知道您對此有何最新想法。謝謝你們兩位。

Take the beginning of that?

從那開始？

Yes, do you want to go ahead and start with the second part on (multiple speakers).

是的，你想繼續從第二部分開始嗎？（多位發言者）

Yes, beating the dead horse, Nadine, is a good way of putting it because I don't think our answer is going to be a lot different than what we've said before, but let me take some time to go through this. Obviously, we knew this is coming. And there are some sort of new pieces of information, but this is kind of a long answer, so brace for it.

是的，納丁，說這是無用之物是一種很好的說法，因為我認為我們的答案與我們之前所說的不會有太大不同，但請允許我花點時間來討論一下這個問題。顯然，我們知道這會發生。還有一些新的信息，但這是一個很長的答案，所以請做好準備。

Look, I think this conversation around structural and cyclical, which has really been going on for about 18 months or so now. On the cyclical side of things, I mean, there are certainly headwinds around consumer buying power. And we've talked about this in the past, but inflation and higher interest rates are certainly hurting consumers, uncertainty around tariffs, I think that was only in the US that actually was more of a global thing, but certainly, that didn't help.

看，我認為圍繞結構性和週期性的討論實際上已經持續了大約 18 個月左右。從週期性角度來看，我的意思是，消費者購買力方面肯定存在阻力。我們過去也討論過這個問題，但通貨膨脹和更高的利率肯定會損害消費者的利益，關稅的不確定性，我認為這只是在美國，實際上更像是一個全球性的問題，但當然，這沒有幫助。

But I do think, and I'll come back to something we've we have talked about before. But if you had to say or pick up, one thing that we think is the strongest factor that would say this really is a cyclical thing is back to where we were two years ago, basically today. I mean it was the Q1 earnings literally from -- well that have been August of '23.

但我確實認為，我會回到我們之前討論過的事情。但如果你必須說或提出這一點，我們認為最有力的因素就是這確實是一個週期性的事情，那就是回到兩年前的水平，基本上是今天。我的意思是，這實際上是從 2023 年 8 月開始的第一季收益。

So I remember that quarter because at that time, TDS was still in a plus 5% or 6% range, which it's hard to believe how much that has changed in a two-year window, but I think the timing of it is what is important. So or 5% or 6% up at the end of summer in '23. By Christmas, it was zero, and then we got into calendar '24, and it was essentially negative minus 2%, minus 3% for much of the year, and it's stayed in that range ever since. But I would still argue that nothing -- this was really a global thing, on just the US can take a market from plus 6% to call it, minus 2 or sort of 8 points of difference in what felt like overnight or taking six or eight months to get there. But I truly do not believe that the structural things that people talk about the most is we're back to the cannabis GLP-1s and just a general health and wellness consideration. That just does not tank a market that quickly. I still don't believe that.

所以我記得那個季度，因為當時，TDS 仍然處於正 5% 或 6% 的範圍內，很難相信在兩年內發生瞭如此大的變化，但我認為時機才是最重要的。因此，到 23 年夏末，漲幅將達到 5% 或 6%。到聖誕節時，這一數字為零，然後我們進入 24 年日曆，在一年中的大部分時間裡，這一數字基本上為負 2%、負 3%，並且自那以後一直保持在這個範圍內。但我仍然認為沒有什麼——這真的是一個全球性的問題，僅就美國而言，市場就可以在一夜之間或六到八個月的時間內從上漲 6% 跌至下跌 2 或 8 個點左右。但我真的不相信人們談論最多的結構性問題是我們回到大麻 GLP-1 並且只是一般的健康和保健考慮。這並不能讓市場那麼快崩盤。我還是不相信。

So while there is some continuum between cyclical and structural. I think we -- I think generally, all of us would agree it's somewhere in the middle there, but I still feel like the cyclical side is a little bit a bigger piece of it. Now a couple of other things. Moderation in health and wellness and moderation, which is probably the most often talked about, and it certainly gets into the general media seemingly every day. Certainly, there are some people who are drinking on fewer occasions and others are just drinking fewer per occasion. And then you've got a few that are drifting towards either lower AB or no or no alcohol products.

因此，週期性和結構性之間存在著一定的連續性。我認為我們——我認為一般來說，我們所有人都會同意它處於中間位置，但我仍然覺得周期性方面佔了更大的比重。現在還有另外幾件事。健康和保健的適度以及適度可能是最常被談論的話題，而且它似乎每天都會出現在大眾媒體上。當然，有些人喝酒的次數較少，而其他人每次喝酒的量也較少。然後你會發現有少數產品正轉向低酒精度或無酒精產品。

But the whole concept of drinking less but better has been around for a long time, and we think we've played pretty well in that space the shift from beer and wine and spirits continues even over in recent quarters and months and that's been going on as I think we all know for a long, long time. So what are we doing about it? -- look, we've changed the portfolio. I think everyone knows that. That's a longer-term play. But we prioritize premium and super premium products.

但是「少喝酒但喝得更好」的整個概念已經存在很長時間了，我們認為我們在這個領域做得很好，從啤酒、葡萄酒和烈酒的轉變甚至在最近幾個季度和幾個月仍在繼續，我想我們都知道這種情況已經持續了很長很長時間。那我們該怎麼做呢？ ——看，我們已經改變了投資組合。我想每個人都知道這一點。這是一個長期策略。但我們優先考慮優質和超優質產品。

And I do think, as time goes on, that will play out very, very well for us. A lot of folks were referencing the Gallup poll that came out was that a few weeks ago. They talk about the number of Americans drinking at an all-time low. And I don't want to spend a lot of time on that, but I do -- we internally at least use IWSR a bit more, and then there's Nielsen retail measurements, there's shopper panels, we do all that kind of stuff.

我確實認為，隨著時間的推移，這將對我們產生非常非常好的影響。許多人都在參考幾週前發布的蓋洛普民調結果。他們談到美國飲酒人數已降至歷史最低。我不想在這上面花太多時間，但我確實會——我們內部至少會更多地使用 IWSR，然後還有尼爾森零售測量、購物者小組，我們會做所有這些事情。

And the methodology and the -- I should say really the data is pretty mixed. And so -- while I do think and I think the data backs up that there have been a decline in the percentage of American drinking, it felt like that poll had -- I don't know if exaggerated is the right word, but it wasn't quite to the extent that we saw. And it's not that many Americans we see that are actually exiting the category and not drinking at all. It's just their reducing the consumption at the time.

而方法論和──我應該說數據確實相當混雜。因此——雖然我確實認為並且數據也支持美國人飲酒比例有所下降的觀點，但感覺那項民意調查——我不知道用“誇大”這個詞是否恰當，但並沒有達到我們看到的程度。但我們發現真正擺脫飲酒習慣、完全不喝酒的美國人並不多。他們當時只是減少了消耗。

So a couple of other points. GLP-1s are often talked about in this whole conversation. That has -- the growth in those has moderated quite a bit. So I don't want to jump on that too hard, but I don't think it's as big of a headwind maybe as it was a year ago. And cannabis kind of the same thing. I think that's always been a little bit blown out of proportion as to its immediate -- it's impact on alcohol or yes, spirits consumption, but there are the other -- I don't know, I don't think we've talked much about these hemp-based beverages that are out there, and they're in -- these are the ones that are hemp-derived and they're legal as a result of this loophole from the 2018 Farm Bill. So many -- really all the states did not anticipate that potential that -- that was going to go that way. We still have some concerns over basically the lack of a regulatory framework and the need to ensure consumer safety. So those things, they net-net, I don't think that has a material impact on takeaway, but it's still there.

還有幾點。在整個對話中，GLP-1 經常被提及。這些方面的成長已經放緩了不少。所以我不想對此進行過多的批評，但我認為它可能不像一年前那麼糟糕。和大麻是同一種東西。我認為，就其對酒精或烈酒消費的直接影響而言，這種說法總是有點被誇大了，但還有其他影響——我不知道，我認為我們還沒有談論過市面上存在的這些大麻飲料，它們——這些都是大麻衍生的，由於 2018 年農業法案的漏洞，它們是合法的。很多州——實際上是所有州——都沒有預料到事情會發展到這種程度。我們仍然對缺乏監管框架和確保消費者安全的需求感到擔憂。所以，我認為這些事情不會對外賣產生實質的影響，但它仍然存在。

So look, there are tailwinds, too. And it seems like the conversation has moved away from the tailwinds and is focused on the negative. And I think Gen Z, that's the one that was talked about quite a bit, sort of in the early days of these conversations. There are -- the Gen Z does seem to be experiencing a very pronounced effect from these cyclical headwinds, and that makes sense to me. I mean those are the folks that are in their 20s for the most part. And they don't have a lot of money in their wallet and with rent and all the things we've talked about over the quarter, food and everything else. They get hurt more than anyone else and that tends to be the age group that consumes the most alcohol or has the highest per capita.

所以你看，也有順風。看起來，談話已經不再關注順風，而是集中在負面方面。我認為 Z 世代是這些對話初期人們談論得比較多的群體。確實，Z 世代似乎正受到這些週期性逆風的明顯影響，這對我來說是有道理的。我的意思是，這些人大多是 20 多歲。他們的錢包裡沒有多少錢，還要支付房租以及我們本季討論過的所有費用、食物和其他一切費用。他們受到的傷害比任何人都多，而且這個年齡層的人往往是飲酒量最多或人均飲酒量最高的年齡層。

So that has been a headwind. But I do think step back for a second and think a little bit longer term, we've still got Gen Zs growing, and there's global growth in the LDA drinking age. And so that will be a tailwind. Middle-class consumers are still growing, all I'd say, all around the world, but in many, many, many markets, and we think that's a positive. And even women getting into spirits is another trend that has been around for quite a while but continue.

所以一直都是阻力。但我確實認為，退一步來看，從更長遠的角度來看，Z 世代仍在不斷增長，而且全球 LDA 飲酒年齡也在增長。所以這將是一個順風。我想說的是，世界各地的中產階級消費者仍在成長，但在許多許多市場，我們認為這是一件好事。甚至女性也開始喝烈酒，這是另一個已經存在了很長一段時間但仍在繼續的趨勢。

So Look, it's a long answer. I still -- I think sort of conclude and get off the line here. It is a little bit of both. I think we've all accepted that. But I don't want folks to exaggerate the structural end of things. I just -- I don't truly believe that. So I was laughing earlier because I think I've done more than 50 earnings calls in my care, and that's the longest answer I've ever given. So I apologize for that, but I do think, truly, it's probably the single most important question to ask on the long-term health of this industry.

所以看，這是一個很長的答案。我仍然——我想就此得出結論並結束討論。兩者都有一點。我想我們都已經接受了這一點。但我不希望人們誇大事物的結構性面。我只是——我並不真正相信這一點。所以我剛剛笑了，因為我認為我已經在我的護理下進行了 50 多次收益電話會議，這是我給出的最長的答案。所以我對此表示歉意，但我確實認為，這確實是有關這個行業長期健康狀況的最重要的問題。

And then hard to follow. But to your first question, Nadine, back to the US and the exit rate, what we would say is we've got 13, 14 states, including California and transition. Every state has been unique. Collectively, we probably did decelerate as we neared the August 1 transition date, there's noise even in our depletion-based business due to these transitions.

然後就很難跟上了。但是對於您的第一個問題，納丁，回到美國和退出率，我們會說我們有 13、14 個州，包括加利福尼亞州和過渡州。每個州都是獨一無二的。總體而言，隨著 8 月 1 日過渡期的臨近，我們的速度可能確實有所放緩，由於這些過渡，甚至我們基於消耗的業務也會出現噪音。

We do see in some of these states where there's a gap where takeaway is stronger than depletions. And as we think about where we will be for the remainder of this first half, we would expect depletions to accelerate and shipments to lower, again, coming in line with more of our full year guidance.

我們確實看到，在某些州，外送量大於消耗量。當我們思考今年上半年剩餘時間的狀況時，我們預計消耗將加速，出貨量將下降，這與我們的全年預期相符。

Yes. That won't happen pretty quick, I think, as -- we've shipped a bunch of Blackberry in the first quarter and hadn't depleted any. And so the depletions are coming. And we do have, I think you said, normalized here in a fairly fast fashion.

是的。我認為這不會很快發生，因為——我們在第一季已經出貨了一批黑莓手機，而且還沒有耗盡任何庫存。因此資源枯竭即將來臨。我想您說過，我們確實已經以相當快的方式實現了正常化。

Andrea Teixeira, JPMorgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

Leanne, I'm going to echo all the praises for you and wish you the best. Thank you for having the patience and teaching us more about Brown-Forman. I want to go back to a bit about the segmentation in the Jack Daniel's specifically. Just wondering if you can comment on, Lawson, you did mention that you don't believe any secular trends, but of course, like in the kind of like thinking about premiumization, but you still have a decent volume on that call it, mainstream Jack Daniel's. Of course, it's a premium liquid.

Leanne，我要向你致以最崇高的敬意，並祝你一切順利。感謝您的耐心並向我們詳細介紹了 Brown-Forman。我想具體回顧一下傑克丹尼 (Jack Daniel's) 的細分情況。只是想知道您是否可以評論一下，勞森，您確實提到過，您不相信任何長期趨勢，但當然，就像考慮高端化一樣，但您仍然擁有相當數量的稱之為主流的傑克丹尼。當然，它是一種優質液體。

But I'm thinking of more as we see fragmentation and consumers on the RTDs, of course, you have a very strong RTD offering. But just thinking of long term how to attract the new -- at the age consumers, LDA consumers is how you can change that? And how does that behave most recently within that net number in terms of consumption. Of course, we can see your shipments. But in terms of consumption, how has -- have you exited your Jack Daniel's, JDTW performance? Thank you.

但我考慮的更多，因為我們看到 RTD 上的碎片化和消費者，當然，您有非常強大的 RTD 產品。但從長遠來看，如何吸引新年齡層的消費者，LDA 消費者，您如何改變這種狀況？那麼就消費而言，最近淨數字中的表現如何？當然，我們可以看到您的貨物。但就消費而言，您是如何退出 Jack Daniel's、JDTW 的？謝謝。

Well, look, I think if you're referring to consumer takeaway of Jack relative to whether it's TDS or whiskey or hundred or other ways you can cut it. Look, we've been slowly narrowing the gap, and it does kind of depend how you look at it, but we think we're gaining it, gaining on TDS. TDS, I mean, look, if you want to find a green shoot out there, and this is a small one, you got to look hard to find it. But TDS is getting -- has over the last four months, four or five months, has gotten a little bit better. We're talking 10, so we're not taking jumps. But there are slight improvements in there.

好吧，你看，我認為如果你指的是消費者對傑克的外賣相對於它是 TDS 還是威士忌還是百或其他方式你可以削減它。你看，我們一直在慢慢縮小差距，這確實取決於你如何看待它，但我們認為我們正在取得進步，在 TDS 上取得進步。TDS，我的意思是，看，如果你想在那裡找到一個綠芽，而這是一個小芽，你就得仔細尋找才能找到它。但 TDS 在過去四個月、四、五個月已經有所改善。我們談論的是 10，所以我們不會跳躍。但其中還是有一些細微的改進。

But if you look at -- and this is -- I think it's interesting, just looking at this a little bit ago, if you look at Nielsen by price point, so you look at the $20 to $29 price point, that's cutting down pretty closely. So we're going to spend a lot of time breaking up TDS in too many ways. But we're in line with that price point down between 4% and 5%. TDS is flattered very much by the RTDs these days. I think we all know that. So we're doing okay within that.

但如果你看一下——這是——我認為這很有趣，剛才看過這個，如果你按價格點查看尼爾森，那麼你看看 20 美元到 29 美元的價格點，這個價格點的降幅相當接近。因此，我們將花費大量時間以多種方式分解 TDS。但我們同意將價格點下調 4% 至 5% 之間。TDS 最近因 RTD 而大受好評。我想我們都知道這一點。所以我們在這方面做得還不錯。

Within the largest brands in America, we always go to that top 20 list that Nielsen has. Jack Daniel's it's holding its own and they are too sort of right about average, I'll say, within all those. There's now -- I think we said 3 -- only 3 brands in the top 20 largest that are even growing right now, and Woodford is one of those. And so we're happy about that. But back to the health of Jack Daniel's Tennessee Whiskey and how do you continue to sort of bring new consumers into the franchise. I mean the single biggest thing is we have really changed up our consumer communications over the last I don't know, three months or so has been with our new campaign, That's What Makes Jack, Jack. And I think it's been very successful.

在美國最大的品牌中，我們總是會參考尼爾森的前 20 名名單。傑克丹尼 (Jack Daniel's) 保持著自己的特色，我想說，在所有這些產品中，它們都處於平均水平。現在——我想我們說的是 3——前 20 個最大品牌中只有 3 個目前還在成長，而 Woodford 就是其中之一。所以我們對此感到高興。但回到傑克丹尼田納西威士忌的健康狀況，以及您如何繼續為該特許經營帶來新的消費者。我的意思是，最重要的事情是，在過去的三個月左右的時間裡，我們透過新活動「這就是傑克之所以為傑克」真正改變了與消費者的溝通方式。我認為它非常成功。

Our initial sort of feedback has been very, very successful. And -- the one -- and I won't spend a lot of time on all the different consumer metrics. But the most important one, in my mind, at least and the teams would say this is a meaningful difference. And that's where we're actually seeing scores improve for the brand. And that -- Jack Daniel's has such a unique set of attributes to it. We weren't playing up enough, and now we've got it much more back in wear space that we can own. And I think that is really, really important for the long term out of the brand.

我們最初的回饋非常非常成功。而且——首先——我不會在所有不同的消費者指標上花費太多時間。但在我看來，這是最重要的一點，至少球隊會說這是一個有意義的差異。這就是我們實際看到品牌得分提高的地方。而且—傑克丹尼 (Jack Daniel's) 擁有一系列獨特的屬性。我們之前的表現還不夠，現在我們已經回到了我們可以擁有的更多可穿空間。我認為這對品牌的長期發展真的非常重要。

And then some of the things we said in our prepared remarks around McClaren, and we've gotten much bigger back into music again, we kind of had -- we never really left it, but we're focusing on that quite a bit more. There's a -- I don't think we've ever talked about our songwriters. I think this is just kind of a fun part of it, but we host songwriters camp three times a year down on Winchburg. And I don't know how many of you all are country music fans, but country music prefers to Jack Daniel's all the time. And the number of mentions we're getting in songs has gone up meaningfully, like tripled and quadrupled kind of thing. So -- we're still relevant with a lot of consumers. We're still very relevant in that space of country music and rock and roll, but I know that we've sort of within the country world taken off.

然後我們在關於麥克拉倫的準備好的發言中說了一些話，我們又重新回到了音樂領域，我們有點——我們從來沒有真正離開過它，但我們更多地關注它。有一點——我認為我們從來沒有談論過我們的詞曲作者。我認為這只是其中有趣的一部分，但我們每年在溫奇堡舉辦三次歌曲創作營。我不知道你們中有多少人是鄉村音樂迷，但鄉村音樂一直比傑克丹尼更受人們的喜愛。我們在歌曲中被提及的次數也顯著增加，大概是三倍甚至四倍。所以——我們仍然與許多消費者息息相關。我們在鄉村音樂和搖滾樂領域仍然佔有重要地位，但我知道我們在鄉村音樂界已經取得了一定程度的起飛。

So Jack Garage is a very popular experience that we're doing around the world now. So we're pulling all the right triggers. I do believe that. And I guess the other one, which we have talked about a little bit is one of the big key initiatives is we got to get the on-premise in the -- well, not only the US but in our bigger markets, going again. And -- that is important. We have added a lot of resources to that, particularly, we call it the jack pack, but it's about adding people to specifically focus only on the on-trade in the most important cities in America, and we hit the big ones. And so dedicated, focused people will do that.

因此，傑克車庫是我們目前在世界各地開展的一項非常受歡迎的體驗。因此，我們採取了所有正確的行動。我確實相信這一點。我想，我們已經討論過的另一個重要舉措是，我們必須讓本地部署不僅在美國，而且在我們更大的市場上再次運行。而且——這很重要。我們為此投入了大量資源，特別是我們稱為「jack pack」的資源，但這是為了增加人員，專門關注美國最重要城市的現場交易，我們瞄準的是那些大城市。因此專注、熱心的人會這樣做。

And I guess, lastly, and I'll stop, we have all these new distributors. They are very excited to focus on Jack Daniel's Tennessee Whiskey. It's a huge brand. And anybody who's a sales guy, America is going to want to sell that brand. And so while we just did the transition, it's only been three weeks. So it's -- I would caution everyone to extrapolate too much about the first quarter. There's just a lot of noise -- the system will settle down over the next few months, I think, and we'll see where things go. And it's our job to get that consumer takeaway going again.

最後我想說的是，我們有所有這些新的分銷商。他們非常高興地關注傑克丹尼田納西威士忌。這是一個巨大的品牌。美國的任何銷售人員都想銷售該品牌。雖然我們剛完成過渡，但只過了三週。所以——我要提醒大家不要對第一季做出過多的推論。只是有很多噪音——我認為系統將在未來幾個月內穩定下來，我們將看看事情會如何發展。我們的職責就是讓消費者外送再次活躍起來。

Andrea Pistacchi, Bank of America.

安德里亞·皮斯塔基，美國銀行。

Yes. I wanted to go back to Jack Daniel's Blackberry, a minute, please, which has been in the trade for a few weeks now. You were sounding quite optimistic in the prepared remarks on the launch. So could you give a bit more color maybe on the response you're getting from the trade and the pace of the rollout? And what's the ambition for Blackberry you think it could get as -- I mean, could it be as successful as other flavor launches like Apple Fire, which reach not 2,000, 300,000, 400,000 cases.

是的。我想回到傑克丹尼的黑莓手機，請等一下，它已經上市幾個星期了。您在發布會上準備好的發言中聽起來相當樂觀。那麼，您能否更詳細地介紹一下您從交易中得到的回饋以及推出的速度？您認為黑莓手機的目標是什麼？我的意思是，它能否像 Apple Fire 等其他品牌的手機一樣成功，銷量不會達到 2,000、300,000 或 400,000 台。

And I think you sort of mentioned this also in the prepared remarks about the potential for the brand to travel across geographies. But do you see potential as much for Blackberry to travel as you as we've seen with other flavors. Thank you.

我認為您在準備好的發言中也提到了該品牌跨越地域的潛力。但是，您是否像我們看到的其他手機一樣，看到了黑莓手機在旅行方面的潛力？謝謝。

Yes, I'll start with that, and Lawson can build on. For Blackberry, we are off to a really strong start. And to your point, we have only in the second half of July, started to get those shipments out there in preparation for the launch. So there's really not a lot of depletion-based information or consumer takeaway that we can comment on yet, but we can say that there is a significant amount of excitement in the system from our distributors. There's a lot of wonderful feedback and buzz that we're getting from both existing and new consumers, customers, media, as we thought about this strategic innovation and we consider Blackberry.

是的，我會從那裡開始，然後勞森可以繼續。對於黑莓來說，我們有一個非常強勁的開端。正如您所說，我們直到 7 月下半月才開始將這些貨物發出，為發布做準備。因此，我們目前實際上還沒有太多關於消耗的資訊或消費者的看法可供評論，但我們可以說，我們的經銷商對這個系統表現出了相當的興奮。當我們思考這項策略創新並考慮黑莓時，我們從現有和新消費者、客戶、媒體那裡得到了很多精彩的回饋和關注。

Again, it is a natural flavor. It is found largely around the world. It fits with consumers' pallets. And one thing we believe that we're strong here at Brown-Forman and is globalizing these flavors utilizing our existing network as we've done with Honey and we've done with Apple. And if you've seen, we actually had really strong results on Tennessee Apple for this quarter as well. So we do believe this is a brand that we can globalize and then it will resonate well.

再一次，這是一種天然的味道。它廣泛分佈於世界各地。它適合消費者的口味。我們相信，Brown-Forman 的優勢之一是利用我們現有的網路將這些口味推向全球化，就像我們對 Honey 和 Apple 所做的那樣。如果你已經看到了，我們本季在田納西蘋果的業績其實也非常強勁。因此，我們確實相信這是一個可以全球化的品牌，並且會引起良好的共鳴。

Outside the US, there's not as much competition in flavored based whiskey. So we're excited about what we'll be able to do with that. And again, all of that will layer in over time because we're just now in our very first weeks of shipping in the US.

在美國以外，風味威士忌的競爭並不那麼激烈。因此，我們對能夠利用它所做的事情感到非常興奮。而且，所有這些都會隨著時間的推移而逐漸顯現，因為我們現在才剛開始在美國發貨的最初幾週。

Yes. And just to add to that, I mean, the globalness of it, I think it is, as Leanne said, different than most of our competitors that are in this space, and that's important. We are going to use this as a growth driver over even multi-years. It's not all -- not like we're blast in the world in Q1. So not just Q1, but even this fiscal year, we intend to spread this out with different sizes and different markets and all that kind of stuff. So we feel good at it as a sort of a multiyear growth driver.

是的。補充一點，我的意思是，它的全球化，我認為，正如 Leanne 所說，它與我們在這個領域的大多數競爭對手不同，這一點很重要。我們將以此作為未來多年的成長動力。這還不是全部——並不是說我們在第一季就取得了世界領先。因此，不僅是第一季度，甚至是整個財年，我們都打算將其擴展到不同規模、不同市場等等。因此，我們很看好它能成為多年成長的動力。

I'll add a anecdotal piece to it a little bit. One of the challenges in flavored whiskeys is the mixer. Like a lot of brands do shots, but there haven't been that many real natural mixers for a lot of the brands. This one has a great natural mixer in lemonade. So that's my anecdotal, but I will tell you, Blackberry and lemonade is a great to drink. It's been one of the best tasting flavored whiskey things I've ever tried and it works. And we've needed that to really sustain it as a long-term growth driver, and I think we've got it.

我將在其中添加一些軼事。調味威士忌的挑戰之一是混合器。就像許多品牌都生產注射劑，但許多品牌並沒有那麼多真正的天然混合劑。這款檸檬水中含有極佳的天然混合物。這就是我的軼事，但我會告訴你，黑莓和檸檬水是一種很棒的飲料。這是我嚐過的口味最好的威士忌之一，而且效果很好。我們需要它來真正維持其作為長期成長動力的地位，我認為我們已經做到了。

Filippo Falorni, Citi.

花旗銀行的 Filippo Falorni。

So maybe a question for you, Leanne, just on the gross margin. You had a 40 basis points of gross margin expansion in the quarter. Is the expectation for the year of still seeing some gross margin expansion on a full year basis? And maybe you can walk us through the components, how to get to expansion. It seems acquisition and divestiture should be the biggest benefit.

所以，Leanne，也許我想問您一個關於毛利率的問題。本季您的毛利率成長了 40 個基點。預計今年全年毛利率還會擴大嗎？也許您可以向我們介紹各個元件以及如何實現擴充。看來收購和剝離應該是最大的優點。

And then on the other side, if you can go to the cost side both on the commodity part, but also the used barrel sales negative impact on margins that would be helpful.

另一方面，如果你能從商品成本方面以及廢桶銷售對利潤率的負面影響來考慮，那將會很有幫助。

Okay. So first of all, I would say we're off to a really strong start for our fiscal year. Our margins are well positioned with 40 basis points of expansion in the first quarter to 59.8%. We've given you kind of the breakdown for that, so I won't go back through that.

好的。首先，我想說我們的財政年度開局非常強勁。我們的利潤率處於良好狀態，第一季擴大了 40 個基點，達到 59.8%。我們已經為您提供了有關該問題的詳細分析，因此我不再贅述。

From a full year perspective for '26. Yes, we're going to continue to benefit from the absence of Finlandia and the Sonoma-Cutrer. The absence of those TSAs as well as the absence of Korbel. We do believe our price mix will largely offset our cost. And then as we said in our prepared remarks, our costs are really driven about the impact of inflation on our input costs and then lower production volumes. We are still benefiting from some lower agave cost, but that's being offset by the two things that I just mentioned.

從 26 年全年來看。是的，我們將繼續受益於芬蘭號和索諾瑪-卡特勒號的缺席。這些 TSA 的缺席以及 Korbel 的缺席。我們確實相信我們的價格組合將在很大程度上抵消我們的成本。正如我們在準備好的發言中所說的那樣，我們的成本實際上是由通貨膨脹對投入成本的影響以及產量降低所驅動的。我們仍然受益於龍舌蘭成本的降低，但這被我剛才提到的兩件事所抵消。

As it relates to used barrels, again, we are coming off three very strong years of sales, F25 being our strongest year. So now as we normalize that high-margin business and the absence of that, all of that is built into the guidance that we have provided for the full year.

就二手桶而言，我們已連續三年銷售業績非常強勁，其中 F25 是我們業績最強勁的一年。因此，現在，隨著我們將高利潤業務和缺失業務正常化，所有這些都已納入我們為全年提供的指導中。

Eric Serotta, Morgan Stanley.

摩根士丹利的 Eric Serotta。

Leanne, congratulations. It's been a pleasure working with you and looking forward to posting down in Lynchburg in October. Question for Lawson. What are you seeing in terms of the competitive and promotional environment, last quarter, you commented I think that surprisingly, everyone had been pretty rational thus far. I know first quarter typically isn't a heavy promo period, but any additional color would be helpful.

Leanne，恭喜你。很高興與您合作，並期待十月份在林奇堡任職。問勞森一個問題。就競爭和促銷環境而言，上個季度您看到了什麼？您評論說，我認為令人驚訝的是，到目前為止每個人都相當理性。我知道第一季通常不是促銷旺季，但任何額外的顏色都會有幫助。

And then sort of as a consumer I'm seeing more allocated bourbons on the shelf. I'm not talking like the $200 suggested retail price bottles that would sell for a few thousand marked up. I'm talking bottles in the $30 to $60 range that for the past few years, you couldn't find or if you did, they were a couple of hundred dollars. A, are you seeing that in terms of your and competitor allocated products, leaving Birthday Bourbon aside. And B, is that having any impact, do you think, on brands like Woodford and Old Forester.

然後，作為一名消費者，我看到貨架上有更多的指定波本威士忌。我並不是說那些建議零售價為 200 美元但實際售價卻高出幾千美元的酒。我說的是價格在 30 到 60 美元之間的瓶子，過去幾年你找不到它們，或者即使你找到了，也要花幾百美元。答：您是否看到，就您和競爭對手分配的產品而言，將生日波本威士忌放在一邊。B，您認為這會對 Woodford 和 Old Forester 等品牌產生影響嗎？

That's a good question. look, I step back for half a second, then I'll directly answer your question. As I think we've said on these calls a number of times, American whiskey and then tequila even the two categories that serve or offer the best super-premium, ultra-premium line extensions, particularly as American whiskey largely because of the barrel. There's so many different things that you can do. We consider ourselves be leaders in that space, and we've had a lot of very unique and very successful innovations over time.

這是個好問題。你看，我退後半秒鐘，然後直接回答你的問題。我想我們已經在電話會議上多次提到過，美國威士忌和龍舌蘭酒甚至是提供最佳超高端、超高端產品線延伸的兩個類別，尤其是美國威士忌，這主要是因為其酒桶。你可以做很多不同的事情。我們認為自己是該領域的領導者，隨著時間的推移，我們已經有許多非常獨特且非常成功的創新。

So you're right. I mean there are look, everyone -- not everyone, but I mean people -- the big brands have seen a lot of which we have led have seen what you can do with some of these hiring line extensions doubled by far being I say that I think would be our most successful line extension that we've probably ever done. So there's lots of exciting things in that space.

所以你是對的。我的意思是，每個人——不是每個人，但我的意思是人們——大品牌已經看到了很多，我們領導的品牌已經看到了你可以用這些招聘線路擴展做些什麼，到目前為止，這些擴展已經翻了一番，我想說，我認為這可能是我們做過的最成功的線路擴展。所以那個領域有很多令人興奮的事情。

Jack Daniel's has its 10-year-old. It's 12-year-old, it's 14-year-old, talk about allocated. I mean, there's the demand is at many, many times more than we have supply for. And there's a number of them in the Woodford Canada and even Old Forester, you mentioned Birthday Bourbon, but we have others in President's Choice and some other really highly desired line extension.

傑克丹尼 (Jack Daniel's) 有 10 年陳釀。12 歲了，14 歲了，談論分配。我的意思是，需求量比我們的供應量高出許多倍。伍德福德加拿大 (Woodford Canada) 和 Old Forester 中都有很多這樣的產品，您提到了生日波本威士忌 (Birthday Bourbon)，但我們在總統之選 (President's Choice) 和其他一些非常受歡迎的產品線延伸中也有這樣的產品。

So yes, so I mean, I think you will continue to see those. That's a price point that we obviously love to play in. and we think we'll do quite well with that. Now shorter-term question you had started to ask, have you seen -- I mean there's difference in promotions because there's more brands on the shelf necessary, but pricing has continued to be our cost fairly rational. Tequila, as I think everyone has said, seems to be the most aggressive for obvious reasons. But American whiskey is holding up there again. The category, I think, overall, looking at it's flat. Pricing is flat. So in the last 13 weeks in Nielsen.

是的，所以我的意思是，我認為你會繼續看到這些。這是我們顯然喜歡的價格點。我們認為我們會做得很好。現在您開始問的短期問題是，您是否看到了——我的意思是促銷方面存在差異，因為貨架上需要更多的品牌，但定價仍然是相當合理的。我想大家都說過，由於顯而易見的原因，龍舌蘭酒似乎是最具攻擊性的。但美國威士忌再次保持了領先地位。我認為，從總體來看，該類別是平穩的。定價是固定的。尼爾森在過去 13 週內。

So with all these -- there was a lot of scares, and I think we've talked about quite a bit, actually, in the last few calls about the industry and supply and is that going to -- is that supply going to eventually drag down pricing overall, and that's the part that I think is rational and it's still rational. It's just quarter over quarter, we've not seen much change in the way of pricing. So we certainly consider that good news.

因此，考慮到所有這些，有很多令人擔憂的事情，我認為我們實際上在過去的幾次電話會議中已經討論了很多關於行業和供應的問題，這是否會——供應最終會拖累整體價格，我認為這是合理的部分，現在仍然是合理的。只是每季之間，我們並沒有看到定價方面有太大的變化。所以我們當然認為這是好消息。

In terms of the industry supply question that no one asked but I'll give you the answer anyway. It does seem to be rational. I mean as we -- everybody knows that there are literally thousands of brands across the United States and those entrepreneurial-led brands are having a hard time. I have a really hard time and there's a lot of them going out of business. The shelves are still very, very crowded in both American whiskey and tequila. But I do think, over time, that is starting to reduce. And so thankfully. But we wanted some shelf space back again.

關於產業供應問題，雖然沒有人問過，但無論如何我都會給你答案。這看起來確實是合理的。我的意思是，眾所周知，美國有成千上萬個品牌，而那些由企業家主導的品牌正面臨困境。我的日子真的很不好過，很多公司都倒閉了。貨架上的美國威士忌和龍舌蘭酒仍然非常擁擠。但我確實認為，隨著時間的推移，這種情況會開始減少。非常感謝。但我們想重新獲得一些貨架空間。

So I think that is a dynamic that is happening. But as we said, they never really got to meaningful market share, and it's still the big I don't know, five or six companies that control the industry supply and everyone has throttled back. And so -- and I think you all would be surprised at how quickly these things come in line, especially if we get some volume growth. But -- but everyone has throttled back quite a bit. And so I think that risk is less than it was maybe, I don't know, six months ago or a little bit longer ago than that.

所以我認為這是正在發生的動態。但正如我們所說，他們從未真正獲得有意義的市場份額，而且仍然是五到六家大公司控制著行業供應，每個人都在減產。所以——我想你們都會對這些事情進展得如此之快感到驚訝，特別是如果我們獲得一些數量增長的話。但是——但是每個人都已經放慢了不少速度。因此我認為風險可能比六個月前或更早一點的時候要小。

Kevin Grundy, BNP Paribas.

法國巴黎銀行的凱文‧格蘭迪。

Leanne, I'd like to extend my congratulations and best wishes to you and retirement, of course, as well. question for both of you. This is kind of zooming out more 20,000-foot, but just -- so Lawson, the approach to driving growth in the portfolio now geographically. I appreciate the time you spent talking about some of the success you've had in Brazil and emerging markets. And as we kind of look at or contemplate and the market contemplates your ability to kind of get back to that longer-term algorithm, and I think there's a lot of as you're well aware, it would be a strategy seemingly much more reliant on emerging markets than it has been in the past.

Leanne，我想向您表示祝賀和最良好的祝愿，當然也祝您退休快樂。我想問你們兩個一個問題。這有點像是將視野擴大了 20,000 英尺，但只是 — — 勞森，這是現在從地理上推動投資組合成長的方法。我很感謝您花時間談論您在巴西和新興市場的一些成功。當我們觀察或思考，市場也在思考你恢復長期演算法的能力時，我認為有很多，正如你所知，這將是一個比過去更依賴新興市場的策略。

So -- is there an opportunity to accelerate the pace? How do you think about investment levels from a portfolio approach, particularly when you look at the US and developed markets and you're well aware of what the market is sort of pricing in and the market is of the view this is much more structural in nature than cyclical. So I'd love to get your thoughts on your ability to really lean in on emerging markets and accelerate the pace of growth as that becomes increasingly important and then what does that mean in terms of the achievability of your long-term guidance? So a lot in there, but I'd love your thoughts.

那麼——是否有機會加快步伐？您如何從投資組合的角度看待投資水平，特別是當您觀察美國和已開發市場時，您很清楚市場的定價方式，而且市場認為這在本質上是結構性的而不是週期性的。因此，我很想聽聽您對真正依賴新興市場並加快成長速度的能力的看法，因為這變得越來越重要，那麼這對您實現長期指導的可行性意味著什麼？裡面有很多內容，但我很想聽聽你的想法。

I mean, it's a great question. It is -- we are internally spending a lot of time thinking about that and talking about it. And it is -- what -- if this environment in the established big markets, I don't see it being a declining market. I just don't believe that's the even medium-term outlook. But does it get back to four to five I mean that's such a hard question to answer. And I don't really have a crystal ball. And I know some folks are coming out loud, making some predictions on that, but I'm not going to do that.

我的意思是，這是一個很好的問題。是的——我們內部花了很多時間思考和討論這個問題。如果在成熟的大市場中存在這種環境，我認為它不會是一個衰退的市場。我只是不相信這是均衡的中期前景。但它是否會回到四到五？我的意思是這是一個很難回答的問題。我確實沒有水晶球。我知道有些人會大聲說出這些話，並對此做出一些預測，但我不會這樣做。

But I do think we've talked a lot about if it's a lower growth environment, how does your portfolio look? Are there differences you want to make there? But within geographies, probably even more so, what would you do? And we are naturally going to allocate more resources into these emerging markets because it's not only Brazil, that is growing. We have plenty in Turkey and UAE, and we have big guys on Asia, and particularly India, which were relatively small. So that would be a good example of a market that needs incremental resources, and we think there is a meaningful opportunity there.

但我確實認為我們已經討論了很多，如果處於低成長環境，你的投資組合會是什麼樣子？您想在那裡做出什麼改變嗎？但在特定地域內，可能更是如此，您會怎麼做？我們自然會向這些新興市場投入更多資源，因為不只是巴西在成長。我們在土耳其和阿聯酋有許多客戶，在亞洲，特別是印度，我們也有一些大客戶，但這些國家的規模相對較小。因此，這將是一個需要增量資源的市場的一個很好的例子，我們認為這是一個有意義的機會。

And so I don't want to say that we're reallocating away from like the US because it's still the most profitable, biggest premium. All those types of things we'd be crazy to try to back away from that opportunity there, which I just still think we've got the portfolio that fits the US consumer really, really well. And so we don't want to back away from that. We want to make sure that we get our fair share of that.

因此，我不想說我們正在從美國轉移，因為美國仍然是利潤最高、溢價最高的國家。如果我們試圖放棄所有這些機會，那我們就是瘋了，但我仍然認為，我們的產品組合非常非常適合美國消費者。因此我們不想放棄這一點。我們希望確保我們能得到公平的份額。

So -- but yes, I do think in terms of emerging markets going forward, it's from Mexico and all of South America has been where we've been the most successful in the last few years, and we will continue to fuel that the momentum is still there. And so we're continuing to do that. I mentioned India, it sounds strange to talk about the Middle East, but there is a growing business there that is actually there, and we feel pretty good about that. And then Asia still has all the opportunities that we need to find a way to crack that and that will be a big one.

所以——但是是的，我確實認為就未來的新興市場而言，墨西哥和整個南美洲是我們在過去幾年中最成功的地方，我們將繼續推動這一勢頭。因此我們會繼續這樣做。我提到了印度，談論中東聽起來很奇怪，但那裡的業務確實正在成長，我們對此感覺很好。亞洲仍然擁有我們需要的所有機會，去找到解決這個問題的方法，這將是一個重大的機會。

And then Japan, we -- I think you all know, we just put our own sales force in place about a year ago. And so we're getting our -- I mean, we're getting up and going there, and it's a challenging market on a lot of levels, but it's a huge bourbon market. It's a very, very premium market. And now we're much better positioned to be able to get our share of that.

然後是日本，我想你們都知道，我們大約一年前才組建了自己的銷售團隊。所以我們正在——我的意思是，我們正在起步並進入那裡，這是一個在許多層面上都充滿挑戰的市場，但它是一個巨大的波本威士忌市場。這是一個非常非常高端的市場。現在，我們已做好準備，能夠獲得屬於自己的份額。

Bonnie Herzog, Goldman Sachs.

高盛的邦妮·赫爾佐格。

Congrats on best of Leanne, I wanted to ask a couple of things. First, shipments, as we've discussed, we're well ahead of depletions in Q1. As a result, this was certainly a benefit to organic sales in the quarter, but could you quantify for us the EBIT impact of that load-in in Q1?

恭喜 Leanne 取得好成績，我想問幾件事。首先，正如我們所討論的，第一季的出貨量遠遠超過了消耗量。因此，這無疑有利於本季度的有機銷售，但您能否為我們量化該加載對第一季息稅前利潤的影響？

And then second, I guess I was hoping for some more color on your price mix in the quarter. I think it was down around 5%. So -- could you maybe just touch on the drivers of that? And again, how we should maybe think about price mix for the rest of the year?

其次，我希望您在本季的價格組合中能夠提供更多的細節。我認為下降了約 5%。那麼—您能否簡單談談造成這種情況的因素？那麼，我們該如何考慮今年剩餘時間的價格組合呢？

To your first question, if you'll take a look at the bottom of Schedule D, we try to provide that all the way through the P&L. So you can see that that information that you're looking for is there. And then from a price mix perspective, a lot of it is about price mix -- I'm sorry, as far as like mix as far as the higher growth of new mix and the lower used barrel sales that we had partially offset by kind of the launch of our Jack Daniel's Tennessee Blackberry.

對於您的第一個問題，如果您看一下附表 D 的底部，我們會嘗試在整個損益表中提供該資訊。因此您可以看到您正在尋找的資訊就在那裡。然後從價格組合的角度來看，很多都是關於價格組合的——抱歉，就組合而言，就新組合的較高增長和二手桶銷售的較低增長而言，我們通過推出傑克丹尼田納西黑莓來部分抵消了這一影響。

And I think -- I don't know if I misheard you, Bonnie, but the on or whatever. This is the gross margin slide that we have in the deck, the price/mix impact, at least on gross margin was 0.5%. Not 5%.

我認為——我不知道我是否聽錯了，邦妮，但無論如何。這是我們在簡報中展示的毛利率幻燈片，價格/組合對毛利率的影響至少為 0.5%。不是5%。

This concludes the question-and-answer session. I would now like to turn it back to Sue Perram for closing remarks.

問答環節到此結束。現在我想請蘇·佩拉姆 (Sue Perram) 作最後發言。

Thank you. And thank you, Lawson and Leanne, and thanks to everyone for joining us today for Brown-Forman's first-quarter fiscal year 2026 earnings call. If you have any additional questions, please contact us. We look forward to participating in the Barclays Global Consumer Staples Conference next week and hope to see many of you. For those of you unable to attend our fireside chat on Wednesday will be made available as a webcast accessible via the Brown-Forman corporate website under the section titled Investors, Events and Presentations.

謝謝。謝謝 Lawson 和 Leanne，也謝謝大家今天參加 Brown-Forman 2026 財年第一季財報電話會議。如果您還有其他問題，請與我們聯絡。我們期待參加下週的巴克萊全球消費品會議，並希望見到你們。對於那些無法參加我們週三爐邊談話的人來說，我們將以網路廣播的形式提供，您可以透過 Brown-Forman 公司網站的「投資者、活動和演示」部分存取。

To wrap things up, the story of Jack Daniel's begins on a day in September about midway through the 19th century, but no one can agree on exactly what day he was born. One thing we do agree on, though, is that Jack's birthday is certainly something to celebrate and since we don't know the exact date, we choose to celebrate any day in September. So we hope you'll join us in raising a glass, which every day you choose, as we say happy birthday to Jack.

總而言之，傑克丹尼的故事開始於 19 世紀中葉九月的某一天，但沒有人能夠確定他究竟出生在哪一天。不過，我們確實同意的一件事是，傑克的生日當然值得慶祝，而且由於我們不知道具體的日期，所以我們選擇在九月的任何一天慶祝。因此，我們希望您能和我們一起舉杯，在您選擇的每一天，我們都祝傑克生日快樂。

With that, this concludes our call.

我們的通話到此結束。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。