$10,000 Invested in Brown-Forman in January Would Be Worth This Much Now
Alcohol stocks are supposed to be recession-resistant, along with the likes of tobacco, gambling, and a few others. The coronavirus pandemic stood a lot of that conventional wisdom on its head, and though cleaning supplies naturally flourished, booze, betting, and cigarettes fell hard.
Jack Daniel's Tennessee whiskey maker Brown-Forman (NYSE: BF.A)(NYSE: BF.B) was no different, also falling victim to the downturn despite liquor stores being deemed essential businesses and allowed to remain open.
That's because restaurants, bars, and nightclubs, which make up 20% of the distiller's sales, were ordered to close, while travel-related sales -- another key aspect of its operations -- were shut down, too.
Source Fool.com
