Underlying net sales in the United States grew 5% (2% reported, 2% constant currency), driven by the combination of strong price/mix and volume growth. Underlying net sales in developed markets outside of the United States grew by 7% (5% reported, 8% constant currency). Growth was particularly strong in the United Kingdom, France and Japan with each delivering low double-digit growth. Australia and Germany’s underlying sales were each up low single-digits.Global price/mix contributed approximately three points to underlying net sales growth in the first half and helped drive 100bps of gross margin expansion, yielding an 8% increase in underlying gross profits (7% reported).
Brown-Forman Reports Strong First Half Results
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