• The Wall Street Journal , Friday, September 26, 2008 10:45 AM

People may drink more during tough times, if past performance is an accurate measure of future performance, but executives at Pernod Ricard say they're not necessarily drinking better.

"Sales at grocery stores and other retail outlets continue to grow at healthy rates," the Journal reports -- is "healthy" really the right modifier here? -- but Paul Duffy, CEO of Pernod's U.S. business, reports that sales have slipped in bars and restaurants. Some brands are down as much as 8%, he says.

Pierre Pringuet, managing director at Pernod, says the company's strong lineup of brands, such as fast-growing Jameson Irish Whiskey, will help it weather economic troubles in the U.S. and elsewhere and feels Pernod's acquisition in July of Absolut vodka "is exactly what we need to enhance the portfolio" to meet such challenges.

Read the whole story at The Wall Street Journal »