Wholesalers Reveal Subdued Optimism

Dear Client:Your editors got our hands on UBS' most recent quarterly wholesaler survey and they did not paint a rosy picture for the coming quarter. Only 37% of wholesalers surveyed were "much more" or 'somewhat" more optimistic on the outlook of the industry for the next three months."Overall [first quarter 2014] spirits company results have shown relatively solid but noticeably slower trends in the US. The picture is muddied by poor weather trends in the period as well as the