Fiscal year 2017 is off to a slow start for Brown-Forman, with reported sales dipping 3% (but underlying sales up 5%) in the first quarter ended July 31. B-F cfo Jane Morreau attributes the lackluster performance in the quarter to timing, lack of growth in emerging markets and a drop in barrel sales. Though she noted in the company's earnings call this morning that B-F didn't expect this quarter to measure up to Q1 2016 because that was its strongest quarter.