Glenmorangie is improving its stock controls after it found 192,000 bottles of whisky lying unsold in a warehouse.
The discovery meant that the group had overestimated the number of bottles which had been sent out to the trade.
It led to a warning that its pre-tax profits for the year to the end of this month would be £1.1m less than current estimates of about £8.7m.
However, chairman Geoffrey Maddrell said: "This is purely a distribution stock issue. We expect consumer sales to continue their positive trend."
The group said it had grown share in its key markets while the rest of the malt category suffered a slowdown.
The 16,000 cases, each containing 12 bottles of whisky, were found in a warehouse after the departure of a sales manager.
The employee's salary package was related to shipments of whisky as an incentive to push stock into the market, the company reported.
"We have taken full steps to ensure that such a situation cannot recur," Maddrell said.
It has held back deliveries of new cases to its warehouses until stocks are back down to "acceptable levels".