B-F Accelerates in US as Tariffs Weigh Down International Growth

Dear Client:Brown-Forman reported a slow start to its fiscal year, with global net sales flat for the first quarter of fiscal 2020, thanks to the drag from tariffs and timing of customer orders. But in the US--the company's largest market-- growth is accelerating.  US PERFORMANCE. In Q1, US underlying net sales growth was 4%, driven by the company's premium bourbons, Woodford Reserve and Old Forester (up double-digits for the period), and the tequilas, Herradura and El Jimador, which delivered high single