The owner of prominent liquor brands such as Guinness, Crown Royal, and Johnnie Walker, Diageo, experienced an increase in share value Thursday. This upturn comes amongst indications of an emerging improvement in the consumer spending atmosphere. Debra Crew, the CEO of Diageo, stated Thursday, "With an ameliorating consumer environment, we expect to see a return to growth, and the strategies we're implementing will prime us to outshine the market."
Earlier in July, the company saw its American depositary receipts (ADRs) plummet due to subpar quarterly results pinned on a sluggish North American market. However, there was a rise of about 5% in Diageo's ADRs on Thursday, despite a nearly 4% fall year-to-date.
Prominent steakhouse chain, Texas Roadhouse, noted a decline in alcohol purchases by its customers in July. The company's senior director of investor relations and financial analysis voiced an expectation for this reduction in alcohol sales to mirror across future quarters and suggests this as a wider industry and societal issue rather than being unique to Texas Roadhouse.