Jack Daniel's maker misses sales estimates on weak consumer spending

Brown-Forman's first-quarter sales fell short of expectations, yet the company reaffirmed its annual financial goals. Economic worries from inflation and job market uncertainties are curbing consumer spending on alcohol, stabilizing whiskey sales while ready-to-drink products thrived. Similarly, competitor Pernod Ricard reported weakened demand in critical global markets. After releasing this information, Brown-Forman's shares experienced a modest bump.