The company, which sells whiskey, tequila, vodka and other liquors, reported that net sales grew 3% to $904 million in the three months that ended in January when compared with the same period last year. The company said it believes tariffs on American spirits had a 1% drag on its sales . CFO Jane Morreau said that Brown-Forman (BFB) saw a $125 million annualized cost from tariffs last year, before the company took any mitigative actions like changing prices or inventory in affected regions. She called tariffs a "substantial burden" on the business . Shares of the company fell about 6.5% mid-morning Wednesday on the news.

Source: CNN March 06, 2019 12:36 UTC