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):     May 27, 2004

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

   Delaware                    1-123              61-0143150
(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 May 27, 2004

Item 12. Results of Operations and Financial Condition

Brown-Forman  Corporation  issued  a press  release  on May 27,  2004  reporting
results of its operations for the fiscal quarter and fiscal year ended April 30,
2004. 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:   May 27, 2004                          By:  /s/ Michael B. Crutcher
                                                Michael B. Crutcher
                                                Vice Chairman, General Counsel
                                                and Corporate Secretary

Exhibit  Index
99.1 Press Release, dated May 27, 2004, issued by Brown-Forman Corporation

                                                                 Exhibit 99.1



Louisville,  KY, May 27, 2004 - Brown-Forman  Corporation  reported earnings per
share for the year ended  April 30,  2004 of $2.11,  up 16% over the prior year.
(All  earnings per share  amounts have been adjusted to reflect the January 2004
two-for-one  stock  split.)  The strong  earnings  performance  was due to solid
profit  growth for both Jack  Daniel's and  Southern  Comfort,  benefits  from a
weaker U.S. dollar, the effects of the March 2003 share repurchase, and a modest
increase in profits from the company's wine brands.  Partially  offsetting these
factors was a significant  drop in profits from the Consumer  Durables  segment.
Fiscal 2004 earnings were also reduced by $0.06 per share due to the  settlement
of a lawsuit with Diageo  involving  the  distribution  of Jack  Daniel's in the
United Kingdom.

Fourth quarter earnings per share were $0.47, up 5% from the $0.45 earned in the
previous year.  Sales and gross profit growth for the Beverage  segment remained
strong in the  fourth  quarter.  However,  as  previously  communicated,  fourth
quarter earnings growth was suppressed by a significant  increase in advertising
and  promotional  investments  designed to  accelerate  the future growth of the
spirits  brands.  In  addition,  fourth  quarter  results  were  moderated  by a
reduction in global trade  inventories for Beverages and lower operating  income
from Consumer  Durables.  These factors,  combined with continued higher pension
costs, tempered earnings growth for the quarter.


Demand  for  premium  spirits  brands  has  accelerated   over  the  past  year,
particularly in the United States,  the company's  largest  market.  Revenue and
gross profit for the  Beverage  segment  were up 11% and 14%,  respectively,  in
fiscal 2004.  The strong revenue and gross profit growth was driven by favorable
currency  trends,  continued volume growth and price increases for the company's
premium  spirits  brands,   the  addition  of  new  markets  to   Brown-Forman's
distribution arrangement for Finlandia Vodka, and the increased profitability of
the company's new  distribution  arrangement  in the U.K.  Gross profit from the
company's  wine  brands  declined  due to a drop in volumes  for both Fetzer and
Bolla.  However,  the gross  margin  percentage  for the  company's  wine brands
increased slightly this year, caused by selected price increases and a favorable
shift in mix.

Due in  part  to the  robust  environment  for  spirits  in the  U.S.,  beverage
advertising  investments  were  up  over  15% in  fiscal  2004,  as the  company
significantly  increased  brand  building  efforts  behind its  premium  spirits
brands.  SG&A  expenses  increased  11%,  reflecting  the  consolidation  of the
operations of Finlandia Vodka  Worldwide and Tuoni e Canepa,  both of which were
acquired  late in the prior fiscal year; $7 million of  incremental  pension and
post-retirement   expense;  $4  million  of  wine   reorganization   costs;  and
incremental  sales and marketing  personnel in the U.K. to support the new, more
profitable distribution arrangement.

Jack Daniel's and Southern Comfort both achieved record profit levels last year.
Favorable  currency trends,  the new  distribution  arrangement in the U.K., and
higher  volumes and pricing  contributed to  double-digit  profit growth for the
brands.  Consumer demand for Jack Daniel's  Tennessee  Whiskey  accelerated this
year, particularly in the United States, where volumes were up in the mid-single
digits.  Volume  growth was also strong in the U.K.,  Canada,  South  Africa and
China.  Volumes in Korea,  Japan and most of  Continental  Europe were sluggish,
however, as mixed economic conditions and unfavorable trends for premium spirits
moderated volume growth. Volumes for Southern Comfort were positive in the U.S.,
U.K.  and South  Africa,  but weak in most of the brand's  other major  markets.
Brown-Forman  volumes for Finlandia were also up,  reflecting the new markets of
distribution  added  late last  fiscal  year.  Sales for  Finlandia  in the U.S.
improved in the second half of the fiscal  year,  as the  introduction  of a new
package and increased promotional  investments  stimulated demand for the brand.
Although both Canadian Mist and Early Times struggled in the highly  competitive
mid-priced spirits market in the U.S., the company's  developing brands (such as
Woodford Reserve and Tuaca Liqueur) continue to show very strong volume growth.

Profits for the company's wine brands improved slightly in fiscal 2004 as volume
declines  for  Fetzer and Bolla  were more than  offset by lower  brand and SG&A
spending.  Continued  competitive  pressure from both imported and domestic wine
brands, lower industry pricing, and above-market  contract grape costs created a
difficult environment for the company's California wines.  Partially as a result
of these  challenges,  the company  reorganized its wine  operations  (incurring
approximately  $4 million in severance and related costs),  which should benefit
future  results.  In contrast  to the  oversupply  situation  in  California,  a
shortage of certain Italian grape varietals and the weaker U.S. dollar increased
costs for Bolla.  In response to these cost pressures,  Bolla increased  pricing
more aggressively than its competitors,  which contributed to the brand's volume
decline.  Volumes and profits for Korbel  Champagnes  were higher,  as the brand
continued to increase its market share in the United States.

The  following  chart  summarizes  the  fiscal  2004  worldwide  depletions  for
Brown-Forman's major beverage brands.  Depletions are defined as nine-liter case
movements from wholesale  distributors  to retailers,  and are generally used in
the wine and spirits  industry as the most  accurate  approximation  of consumer

         Brand                           Cases (000's)           % Change
         Jack Daniel's                      7,205                     6%
         Total RTDs (1)                     2,540                    14%
         Southern Comfort                   2,185                     1%
         Canadian Mist                      2,150                    (7%)
         Finlandia (2)                      1,725                    35%
         Fetzer                             2,550                   (14%)
         Bolla                              1,440                   (13%)
         Korbel                             1,145                     2%

        (1) RTD (ready-to-drink) volumes include Jack Daniel's, Southern Comfort
            and Finlandia RTD products with the exception of Jack Daniel's
            Original Hard Cola, which was marketed and sold by SABMiller during
            fiscal 2004.

        (2) Depletions for Finlandia benefited from the addition of new markets
            to Brown-Forman's distribution agreement.  Excluding these new
            markets, comparable depletions for Finlandia were up 2%.

Consumer Durables

The environment for the fine china, tableware,  giftware, and luggage categories
has not  improved.  Sales at Lenox  were  essentially  flat  this year as modest
increases  in sales to wholesale  customers  were offset by declines in sales in
both the company's retail outlet stores and the direct-to-consumer division. The
segment  experienced  a slight drop in gross profit,  primarily  from a shift in
product  mix  and  aggressive   discounting  designed  to  lower  retail  outlet

The new management team at Lenox has taken steps to reduce fixed costs, increase
production efficiencies, close unprofitable retail outlet locations, and develop
relevant  new  products.  As a result,  the company  incurred  several  charges,
including  severance,  a write-down  for impaired  real estate  associated  with
previous  plant  closures,  and  start-up  costs  related to a new  distribution
center.  The company  expects that these  actions,  combined  with lower capital
expenditures  and lower  inventory  requirements,  will result in an increase in
cash flow and earnings for the segment next year.


Owsley Brown II, Chairman and Chief  Executive  Officer said,  "Brown-Forman  is
optimistic  about its earnings  outlook for fiscal 2005, due to expected  growth
for Jack  Daniel's and Southern  Comfort,  improved  profitability  for the wine
brands,  and  benefits  from the recent  initiatives  in the  Consumer  Durables
segment." As a result,  the company  currently  expects  fiscal 2005 earnings to
grow approximately 10-15%, to a range of $2.32 to $2.42 per share.

Conference Call

The company will host a conference call to discuss fiscal 2004 financial results
at 4:30 p.m. this afternoon.  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  and  ask  for  the
Brown-Forman   call.  No  password  is  required.   The  company  suggests  that
participants dial in approximately ten minutes in advance of the 4:30 p.m. start
of the conference call.

A live  audio  broadcast  of the  conference  call  will also be  available  via
Brown-Forman's  Internet  Web  site,  www.brown-forman.com,  through  a link  to
"Investor  Information."  For those  unable to  participate  in the live call, a
replay  will  be  available  by  calling  800-642-1687  (U.S.)  or  706-645-9291
(international).  The identification  code is 7503042. A digital audio recording
of the conference call will also be available on the Web site  approximately one
hour after the conclusion of the conference call and will remain on the Web site
for at least 30 days.

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


This report  contains  statements,  estimates  or  projections  that  constitute
"forward  looking  statements" as defined under U.S.  federal  securities  laws.
Generally,  the words "expect",  "believe",  "intend",  "estimate",  "will", and
"project" and similar expressions  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  also  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.  These
risks include, but are not limited to:

 - changes in general economic conditions, political and social trends;
 - impact on profits earned overseas by a strengthening U.S. dollar against
   foreign currencies, especially the British Pound;
 - reduced bar, restaurant, hotel and travel business in wake of other terrorist
   attacks, such as occurred on 9/11;
 - developments in the class action lawsuits filed against Brown-Forman and
   other spirits, beer and wine manufacturers alleging that our advertising
   causes illegal consumption of alcohol by those under the legal drinking age,
   or other attempts to limit alcohol marketing, through either litigation or
 - tax increases, whether at the federal or state level;
 - increases in the price of grain and grapes;
 - continued depressed retail prices and margins in our wine business because
   of our excess wine inventories, existing grape contract obligations, and a
   world-wide oversupply of grapes; and
 - the effects on our consumer durables business of the general economy,
   department store business, response rates in our direct marketing business,
   and profitability of mall outlet operations.

These statements are also subject to the factors  mentioned in Part 1, Item 2 of
the Company's Form 10-K for the year ended April 30, 2003,  which we incorporate
herein by reference.

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

                                       Three Months Ended
                                           April 30,
                                      2003           2004         Change

Net Sales                            $570.8         $625.0           9%
   Beverages                          445.5          495.8          11%
   Consumer Durables                  125.3          129.2           3%

Gross Profit                         $286.7         $319.2          11%
   Beverages                          226.0          259.0          15%
   Consumer Durables                   60.7           60.2          (1%)

Advertising Expenses                  $68.5          $93.8          37%
   Beverages                           46.9           72.6          55%
   Consumer Durables                   21.6           21.2          (2%)

Selling, General, and
   Administrative Expenses           $128.8         $134.5           4%
   Beverages                           92.3           98.4           7%
   Consumer Durables                   36.5           36.1          (1%)

Other Expense (Income), net           $(1.6)         $ 2.0
   Beverages                           (0.7)          (0.5)
   Consumer Durables                   (0.9)           2.5

Operating Income                     $ 91.0         $ 88.9          (2%)
   Beverages                           87.5           88.5           1%
   Consumer Durables                    3.5            0.4         (89%)

     Interest Expense, net              3.0            4.3

Income Before Income Taxes           $ 88.0         $ 84.6          (4%)

     Taxes on Income                   29.8           26.8

Net Income                            $58.2          $57.8          (1%)

Earnings Per Share
   - Basic                            $0.45          $0.48           5%
   - Diluted                          $0.45          $0.47           5%

Note:  Earnings per share have been restated to reflect the 2-for-1 stock split
effective in January 2004.

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

                                           Year Ended
                                            April 30,
                                      2003           2004         Change

Net Sales                          $2,376.3       $2,576.8           8%
   Beverages                        1,795.1        1,992.1          11%
   Consumer Durables                  581.2          584.7           1%

Gross Profit                       $1,180.3       $1,298.3          10%
   Beverages                          900.2        1,024.2          14%
   Consumer Durables                  280.1          274.1          (2%)

Advertising Expenses                 $321.3         $353.8          10%
   Beverages                          230.0          265.0          15%
   Consumer Durables                   91.3           88.8          (3%)

Selling, General, and
   Administrative Expenses           $485.1         $526.9           9%
   Beverages                          329.5          365.7          11%
   Consumer Durables                  155.6          161.2           4%

Other Expense (Income), net           $(4.5)         $10.8
   Beverages                           (7.3)           3.6
   Consumer Durables                    2.8            7.2

Operating Income                     $378.4         $406.8           8%
   Beverages                          348.0          389.9          12%
   Consumer Durables                   30.4           16.9         (45%)

     Interest Expense, net              5.6           19.3

Income Before Income Taxes           $372.8         $387.5           4%

     Taxes on Income                  127.5          129.8

Net Income                           $245.3         $257.7           5%

Earnings Per Share
   - Basic                            $1.82          $2.12          17%
   - Diluted                          $1.82          $2.11          16%

Note:  Earnings per share have been restated to reflect the 2-for-1 stock split
effective in January 2004.

                            Brown-Forman Corporation
                      Condensed Consolidated Balance Sheets
                              (Dollars in millions)

                                                 April 30,             April 30,
                                                   2003                  2004
Cash and cash equivalents                        $   72.0              $   67.7
Accounts receivable, net                            324.6                 348.6
Inventories                                         584.6                 557.2
Other current assets                                 85.9                 110.0
     Total current assets                         1,067.1               1,083.5

Property, plant, and equipment, net                 506.1                 515.2
Trademarks and brand names                          235.0                 246.6
Goodwill                                            311.0                 314.6
Other assets                                        144.4                 216.1
     Total assets                                $2,263.6              $2,376.0

Commercial paper                                 $  167.1              $   49.5
Accounts payable and accrued expenses               297.2                 271.5
Accrued taxes on income                              43.4                  48.0
Current portion of long-term debt                    40.1                   0.1
     Total current liabilities                      547.8                 369.1

Long-term debt                                      628.7                 629.9
Deferred income taxes                                77.8                 122.2
Accrued postretirement benefits                     142.7                 136.7
Other liabilities                                    26.4                  33.0
     Total liabilities                            1,423.4               1,290.9

Stockholders' equity                                840.2               1,085.1

Total liabilities and stockholders' equity       $2,263.6              $2,376.0

                            Brown-Forman Corporation
                            Supplemental Information
                              (Dollars in millions)

                                                        Three Months Ended
                                                             April 30,
                                                    2003                  2004

Depreciation and amortization                      $13.5                 $14.3

Excise taxes                                       $79.9                 $90.7

Additions to property, plant, and equipment        $63.9                 $12.8

Effective tax rate                                  33.8%                 31.7%

Shares (in thousands) used in the
calculation of earnings per share
   - Basic                                        128,373               121,512
   - Diluted                                      128,781               122,275

                                                            Year Ended
                                                             April 30,
                                                    2003                  2004

Depreciation and amortization                      $55.0                 $56.0

Excise taxes                                      $317.5                $363.7

Additions to property, plant, and equipment       $118.6                 $55.6

Effective tax rate                                  34.2%                 33.5%

Shares (in thousands) used in the
calculation of earnings per share
   - Basic                                        134,748               121,359
   - Diluted                                      135,126               121,986

These  figures have been prepared in  accordance  with the  company's  customary
accounting practices.  Share data has been restated to reflect the 2-for-1 stock
split effective in January 2004.