Lower Distrib Inventories Weigh Down B-F Results in Q1

Dear Client: Brown-Forman started its new fiscal year with reported global net sales up 3% for the first quarter ended July 31. B-F chief Lawson Whiting opened this morning's earnings call by breaking down three "key drivers'' for their first quarter results: 1) rebuilding distributor inventories, mostly in the US, after last year's supply chain disruptions; 2) the timing and phasing of operating expenses; and 3) continued strong brand and business health "as evidenced by consumer takeaway trends." WHISKEY BRANDS