Jack Daniel's maker flags soft alcohol demand for year, sees no respite in Canada

Brown-Forman expects annual organic net sales to be flat and organic operating income to decline between 3% and 5%.

The forecast reiteration is not "totally unsurprising," although investor skepticism is expected, especially within the context CEO Whiting's planned retirement, RBC Capital Markets analyst Nik Modi said.

The company's first-quarter sales declined 1% to $911 million, below analysts' average estimate of $914.9 million, according to data compiled by LSEG.

Traditional spirits companies are now increasingly relying on flavored products, ready-to-drink cocktails and other innovations to attract consumers, particularly those who seek convenience and value.