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Aug. 28, 2019, 8:49 a.m. EDT

UPDATE: Brown-Forman shares slide then recoup losses premarket as profit falls and sales fall short

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By Ciara Linnane

Jack Daniel's distributor Brown-Forman Corp. shares /zigman2/quotes/209253695/composite BF.B +0.36% slid 20% in premarket trade Wednesday before recouping their losses, after the company missed sales estimates for its fiscal first quarter. The company said it had net income of $186 million, or 39 cents a share, in its fiscal first quarter to July 31, down from $200 million, or 41 cents a share, in the year-earlier period. Sales were flat at $766 million. The FactSet consensus was for EPS of 37 cents and sales of $773 million. "Our first quarter results came in largely as anticipated considering the year-over-year drag from tariffs and timing of customer orders," Chief Executive Lawson Whiting said in a statement. The company is investing to absorb tariff costs and reallocating and reinvesting back into its brands and people, he said, citing as an example the recent news of a distribution platform in the U.K. The company said it still expects fiscal 2020 EPS of $1.75 to $1.85. Shares have gained 24% in 2019, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.16% has gained 14.5%.

/zigman2/quotes/209253695/composite
US : U.S.: NYSE
$ 67.24
+0.24 +0.36%
Volume: 1.15M
Nov. 21, 2019 6:30p
P/E Ratio
39.40
Dividend Yield
0.99%
Market Cap
$32.00 billion
Rev. per Employee
$689,375
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/zigman2/quotes/210599714/realtime
US : S&P US
3,103.54
-4.92 -0.16%
Volume: 1.86B
Nov. 21, 2019 4:58p
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