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BROWN-FORMAN REPORTS STRONG START TO FISCAL 2019

Louisville, KY, August 29, 2018
- Brown-Forman Corporation (NYSE: BFA, BFB) reported financial results for its first quarter of fiscal 2019, ended July 31, 2018. For the first quarter, the company’s reported net sales1 increased 6% to $766 million (+9% on an underlying2 basis) compared to the same prior-year period. In the quarter, reported operating income increased 7% to $264 million (+10% on an underlying basis) and diluted earnings per share grew 12% to $0.41.

Paul Varga, the company's Chief Executive Officer said, "Brown-Forman’s business momentum continued during the first quarter of fiscal 2019, with strong net sales growth as consumer demand for our premium American whiskey brands remained robust. After considering the estimated impact of order phasing related to tariffs, our first quarter growth was in-line with last year’s underlying net sales growth and keeps us on track to deliver another strong year of top-line growth in the 6-7% range.”

Lawson Whiting, the company’s Chief Operating Officer and incoming CEO added, “There remains significant uncertainty around the duration of recently enacted tariffs, but we have been encouraged by the resilience of our business model as we are working to minimize short-term disruption and maintain our top-line momentum. We believe that our consistent reinvestment back into our brands and people positions us well over the long term to continue generating leading returns for our shareholders.”

First Quarter Fiscal 2019 Highlights
Underlying net sales grew 9% (+6% reported), with broad-based geographic3 and balanced portfolio contribution:
Developed international markets grew underlying net sales by 16% (+12% reported), emerging markets grew underlying net sales by 11% (+7% reported), and the United States grew underlying net sales by 2% (0% reported)
The Jack Daniel’s family of brands grew underlying net sales 10% (+7% reported), including 8% underlying net sales growth (+5% reported) for Jack Daniel’s Tennessee Whiskey
The company’s super-premium American whiskey brands grew underlying net sales +25% (+24% reported), including 29% underlying net sales growth from Woodford Reserve (+30% reported)
Herradura and el Jimador grew underlying net sales 10% and 11%, respectively (+11% and +10%, reported)
Underlying operating income grew 10% (+7% reported)


1


The following information was filed by Brown Forman Corp on Wednesday, August 29, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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