WASHINGTON (dpa-AFX) - Brown-Forman Corporation (BFA, BFB) reported first quarter net income of $170 million, down 13% from prior year. Earnings per share decreased 13% to $0.36. Net sales decreased 3% to $924 million from a year ago. Net sales were up 1% on an organic basis. The company said the net sales decline was largely driven by the absence of the prior-year transition services agreement related to Sonoma-Cutrer.
Lawson Whiting, Brown-Forman's President and CEO said: 'We are pleased to reaffirm our full-year outlook and remain confident in our ability to create long-term value for shareholders.'
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