Washington, D.C. 20549

                                    Form 8-K

                                 Current Report
     Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of
earliest event reported):     August 27, 2003

                            Brown-Forman Corporation
             (Exact name of registrant as specified in its charter)

   Delaware                    1-123              61-0243150
(State or other            (Commission         (I.R.S. Employer
 jurisdiction of            File Number)       Identification No.)

 850 Dixie Highway, Louisville, Kentucky           40210
(Address of principal executive offices)         (Zip Code)

Registrant's telephone number, including area code (502) 585-1100

Item 7.  Financial Statements and Exhibits

 (a)      Not applicable.
 (b)      Not applicable.
 (c)      Exhibits.
          99.1     Press Release, dated August 27, 2003

Item 12. Results of Operations and Financial Condition

Brown-Forman  Corporation  issued a press release today reporting results of its
operations  for the quarter  ended July 31,  2003.  A copy of this  Brown-Forman
Corporation press release is attached hereto as Exhibit 99.1.


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                       Brown-Forman Corporation

Date:   August 27, 2003                   By:  /s/ Michael B. Crutcher
                                                Michael B. Crutcher
                                                Vice Chairman,
                                                General Counsel and Secretary

Exhibit Index
 99.1  Press Release, dated August 27, 2003, issued by Brown-Forman Corporation

                                                                 Exhibit 99.1



Louisville, KY, August 27, 2003 - Brown-Forman Corporation reported earnings per
share for its first  quarter  ended July 31, 2003 of $0.51,  down from the $0.53
earned  last year.  Included  in first  quarter  earnings  was a $0.02 per share
benefit from a March 2003 share  repurchase.  As the company announced on August
14, 2003,  quarterly earnings were reduced $0.11 per share due to the settlement
of a lawsuit with Diageo Great Britain  Limited  involving the  distribution  of
Jack Daniel's in the United  Kingdom.  The  performance  of the  company's  core
spirits brands remained solid during the quarter, while the environment for both
wines and Consumer Durables remains challenging.

Excluding  the one-time  charge for the  settlement  with Diageo,  earnings were
$0.62 per share, up $0.09 from last year. Management believes that disclosure of
this  quarter's  earnings per share  excluding  this  litigation  settlement  is
informative because it reflects the underlying operations of the company.


Global  volume and profit  trends in the  quarter  remained  solid for both Jack
Daniel's  and  Southern  Comfort.  Results in both the United  States and United
Kingdom  were  robust,  although  volumes in both Japan and much of  Continental
Europe  were  soft.  Profits  for  Finlandia  continued  to  grow in  Europe  as
Brown-Forman  added new markets to its distribution  agreement,  but earnings in
the U.S. were down, as the company  increased its marketing  investments  behind
the brand. Results for the company's wine brands remained disappointing,  as the
retail price environment has not improved in the United States.

Beverage revenue and gross profit increased by 18% and 16%, respectively, in the
quarter.  Compared with the same quarter last year,  the company  benefited from
the weaker U.S.  dollar and the company's new  distribution  arrangement  in the
U.K. In the first quarter of fiscal 2003,  the company had a one-time  reduction
in trade  inventories  as it began  selling its spirits  brands  directly to the
trade through a cost sharing arrangement with Bacardi. As a result,  fiscal 2004
comparisons are benefiting from the resumption of a normal shipment pattern into
the U.K.,  as well as the higher profit margin earned in that market via the new
distribution agreement.  Additionally,  the company now records excise taxes for
its U.K.  spirits  sales in both  sales and cost of sales.  This  change had the
effect of boosting  segment  revenue by almost 6%,  while  lowering  the segment
gross margin by 2.6 percentage points.

Advertising  expenses  were down $1 million  during the  quarter,  as  increased
investments  behind the company's core spirits brands were more than offset by a
reduction  in   advertising   for  its  wine  brands.   SG&A  expenses  were  up
approximately  $15  million,  as the  segment  incurred  $3 million in  Beverage
reorganization  costs,  added sales and marketing  people in the U.K. to support
the new  distribution  arrangement and recognized  pension costs.  SG&A expenses
were also higher in  Continental  Europe due to the  consolidation  of financial
results from both  Finlandia  Vodka  Worldwide and  Distillerie  Tuoni e Canepa,
following these acquisitions in the second half of last fiscal year.

Consumer Durables

Net sales for Consumer  Durables  were down 9% and gross profit  decreased  10%.
Sales to department  stores remained sluggish and revenues through the company's
retail  outlets  declined  in the first  quarter.  In  addition,  results in the
direct-to-consumer  channel have declined  significantly in recent months due to
lower than expected  consumer  response rates.  Consumer  Durables is a seasonal
business  that  typically  reports  a loss in the  first  quarter.  The  segment
reported an operating loss of $12 million this quarter,  including $1 million in
restructuring  costs,  compared to a $6 million loss during the same period last


The company's  previous fiscal 2004 guidance of $4.10 to $4.30 per share did not
fully  anticipate  the $0.11 per share cost of the  litigation  settlement  with
Diageo, nor the extent of the weakness in Consumer Durables.  However, continued
growth for the company's core spirits  brands,  anticipated  improved  financial
performance  from wines,  and benefits from a weaker U.S.  dollar are supporting
the company's outlook for the rest of the fiscal year. As a result, Brown-Forman
still  expects  to see  earnings  in the  range of $4.10 to $4.30  per share for
fiscal 2004, consistent with previous guidance.

Conference Call

Brown-Forman  will host a conference  call to discuss its first  quarter  fiscal
2004 results  today at 10:00 a.m.  EST. All  interested  parties in the U.S. are
invited  to join the  conference  by  dialing  888-624-9285  and  asking for the
Brown-Forman call.  International callers should dial 706-679-3410.  No password
is required.  The company suggests that  participants  dial in approximately ten
minutes in advance of the 10:00 a.m. start of the conference  call. A live audio
broadcast  of  the   conference   call  will  also  be  available  by  accessing
Brown-Forman's Internet Web site, www.brown-forman.com, and then clicking on the
"Investor Information" icon.

For those unable to participate in the live call, a replay will be available two
hours after  completion  of the  conference  by calling  800-642-1687  (U.S.) or
706-645-9291 (international). The identification code is 1309541. A recording of
the  conference  call will also be available on the Web site  approximately  one
hour after the conclusion of the conference  call. The replays will be available
for thirty days after the conference call.

Brown-Forman  Corporation is a diversified producer and marketer of fine quality
consumer products,  including Jack Daniel's,  Southern Comfort, Finlandia Vodka,
Canadian Mist,  Fetzer and Bolla Wines,  Korbel  California  Champagnes,  Lenox,
Dansk, and Gorham tableware and giftware and Hartmann Luggage.


This  report  contains  "forward-looking  statements"  within the meaning of the
Private  Securities  Litigation  Reform  Act  of  1995.  Words  like  "believe,"
"expect,"  "anticipate,"  and "project"  identify a  forward-looking  statement,
which speaks only as of the date the  statement  is made.  Except as required by
law,  we do not  intend  to update or  revise  any  forward-looking  statements,
whether as a result of new  information,  future  events,  or  otherwise.  These
statements  are subject to a number of important  risks and  uncertainties  that
could cause our actual  results and  experience  to differ  materially  from the
anticipated   results   or  other   expectations   expressed.   Such  risks  and
uncertainties  include  changes in general  economic  conditions,  political and
social trends, and the uncertainties of litigation.

Our projections  for our domestic  beverage  business assume that U.S.  economic
activity  will  continue at about the same pace as  currently,  and our earnings
will be hurt if the economy  weakens.  Federal or state excise tax  increases on
spirits and wine would also depress our domestic beverage business. Profits from
our international beverage business may be adversely affected if the U.S. dollar
strengthens  against other currencies or if economic  conditions  deteriorate in
our principal export markets.  As a leading exporter of American spirits brands,
our foreign sales could be hurt as a result of  anti-Americanism  in response to
the Iraq war or other international developments.

The  long-term  outlook for our beverage  business is based in part on favorable
demographic  trends in the U.S. and many  international  markets for the sale of
spirits and wine. We may not meet current  expectations  for our global beverage
business if these demographic trends do not translate into  corresponding  sales
increases.  Profits  could  also be hurt by  increases  in the  price of  grain,
grapes, or energy.  Margins for our wine business are likely to stay low so long
as the current  oversupply of grapes  continues.  Legal or  regulatory  measures
against  beverage  alcohol  (including  its  advertising  and  promotion)  could
adversely affect sales.

Earnings from our consumer  durables  segment depend heavily on the state of the
U.S.  economy,  as  purchases of fine china and luggage are  discretionary.  The
performance of our fine china dinnerware business depends on the health of major
department store, the primary distribution  channel for these products,  as well
as further department store  consolidation,  a soft retail environment at outlet
malls,  and consumer  response to direct mail.  The  Hartmann  luggage  business
continues to be adversely affected by reduced travel in the U.S.

                            Brown-Forman Corporation
                        Consolidated Statements of Income
                 (Dollars in millions, except per share amounts)

                                       Three Months Ended
                                            July 31,
                                      2002           2003         Change

Net Sales                            $479.6         $532.6          11%
   Beverages                          360.2          423.7          18%
   Consumer Durables                  119.4          108.9          (9%)

Gross Profit                         $247.4         $272.3          10%
   Beverages                          191.5          222.3          16%
   Consumer Durables                   55.9           50.0         (10%)

Advertising Expenses                $  78.4        $  77.6          (1%)
   Beverages                           57.7           56.7          (2%)
   Consumer Durables                   20.7           20.9           1%

Selling, General, and
   Administrative Expenses           $114.1         $128.3          12%
   Beverages                           75.3           90.1          20%
   Consumer Durables                   38.8           38.2          (2%)

Other Expense (Income), net         $  (1.2)       $  14.3
   Beverages                           (3.2)          11.5
   Consumer Durables                    2.0            2.8

Operating Income (Loss)              $ 56.1         $ 52.1          (7%)
   Beverages                           61.7           64.0           4%
   Consumer Durables                   (5.6)         (11.9)          N/M

     Interest Expense, net              1.0            5.0

Income Before Income Taxes           $ 55.1         $ 47.1         (14%)

     Taxes on Income                   19.0           16.0

Net Income                           $ 36.1         $ 31.1         (14%)

Earnings Per Share
   - Basic and Diluted                $0.53           $0.51         (3%)

Note:  Other Expense  (Income),  net,  includes  results for joint  ventures and
unconsolidated  affiliates,  bad debt  expense,  and  miscellaneous  income  and
expense  items not  included in other  captions.  The 2003 amount  includes  the
impact of settling a lawsuit with Diageo.

                            Brown-Forman Corporation
                      Condensed Consolidated Balance Sheets
                 (Dollars in millions, except per share amounts)

                                                  April 30,             July 31,
                                                    2003                  2003
Cash and cash equivalents                        $   72.0              $   71.9
Accounts receivable, net                            324.6                 304.6
Inventories                                         584.6                 613.3
Other current assets                                 85.9                  87.2
     Total current assets                         1,067.1               1,077.0

Property, plant, and equipment, net                 506.1                 509.5
Trademarks and brand names                          235.0                 236.2
Goodwill                                            311.0                 313.9
Other assets                                        144.4                 144.0
     Total assets                                $2,263.6              $2,280.6

Commercial paper                                 $  167.1              $  163.2
Accounts payable and accrued expenses               297.2                 297.7
Dividends payable                                     --                   22.7
Accrued taxes on income                              43.4                  48.9
Current portion of long-term debt                    40.1                  42.0
     Total current liabilities                      547.8                 574.5

Long-term debt                                      628.7                 629.0
Deferred income taxes                                77.8                  71.8
Accrued postretirement benefits                     142.7                 145.4
Other liabilities                                    26.4                  25.7
     Total liabilities                            1,423.4               1,446.4

Stockholders' equity                                840.2                 834.2

Total liabilities and stockholders' equity       $2,263.6              $2,280.6

                            Brown-Forman Corporation
                            Supplemental Information
                              (Dollars in millions)

                                                        Three Months Ended
                                                             July 31,
                                                    2002                  2003

Depreciation and amortization                      $13.8                 $13.1

Excise taxes                                       $55.1                 $71.8

Additions to property, plant, and equipment        $15.0                 $14.5

Effective tax rate                                  34.5%                 34.0%

Shares (in thousands) used in the
calculation of earnings per share
   - Basic                                         68,376                60,610
   - Diluted                                       68,593                60,855

These  figures have been prepared in  accordance  with the  company's  customary
accounting practices.