LOUISVILLE, Ky. (LBF) -- Brown-Forman will repurchase $400 million in shares through October 2026.
The board approved the plan Oct. 1, covering Class A and Class B shares, according to our partners at Louisville Business First.
"Despite an increasingly competitive environment, we remain confident in our ability to generate strong cash flow," President and CEO Lawson Whiting said in a company release.
The decision follows a weak first quarter of fiscal 2026. Net sales fell 3% to $924 million, operating income dropped 7% to $260 million and earnings per share slid 13% to 36 cents, LBF reported. Shares dipped after the results, driven in part by a 59% decline in Canadian sales.
Whiting highlighted stronger growth in developing markets, and new products such as Jack Daniel’s Tennessee Blackberry.
Brown-Forman, parent company of Old Forester, Woodford Reserve and Jack Daniel’s, employs about 5,000 people worldwide. It is the fifth-largest public company in Louisville, with $4.18 billion in revenue last fiscal year.
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