Jack Daniel's maker Brown-Forman missed first-quarter sales estimates and stuck to its annual targets on Wednesday, joining other spirits makers in warning of a challenging consumer environment in the U.S. and Europe.
Consumers have become more discerning in their spending as concerns about inflation and jobs tighten household budgets. For alcohol makers, that has translated into lower consumption levels as health-conscious consumers watch their calorie intake amid growing use of GLP-1 drugs, and fewer casual purchases.
