In Poor Economic Climate, Whiskey Sells
(NEWSER) – Amid dire economic projections, the maker of Jack Daniel’s Tennessee whiskey is having a banner year, the LA Times reports. “We had a nice quarter,” Brown-Forman’s CEO said of sales and income that bested Wall Street estimates. Even a bad employment report today couldn’t sink the spirit seller, whose shares rose more than $4 today, a 9% bump.
"In an environment like this, it’s hard for anyone to feel great, but we do believe we’re in a better position than most," the CEO told Bloomberg. Liquor is generally regarded as a good investment even during hard times, as Brown-Forman’s numbers indicate: The company, which also makes Southern Comfort and FInlandia vodka, reported net income of around $143 million, up from $129.5 million a year ago.