Podcast: Latest spirits industry earnings: Trade wars, falling consumption, and excess inventories

In this episode, we review the latest earnings results from the spirits industry (Diageo, Pernod Ricard, Brown-Forman, Campari, Rémy Cointreau, Becle, and MGP Ingredients). Alongside individual company results, we discuss the impacts of declining sales in the US, the surprising health of the European market, the challenges created by aging inventory and wholesaler inventory, an evolution in pack and pricing strategy, the severe impact of a retaliatory Chinese anti-dumping investigation into cognac, and, of course, the fallout from the Trump-initiated trade wars with the US, Mexico, Canada and the European Union.