Diageo, whose brands include Johnnie Walker scotch whisky, Captain Morgan rum and Guinness stout, said costs relating to the savings program will amount to $1.2 billion. In this article DEO
Diageo PLC (LSE:DGE) shares jumped 6.3% to 1,744.9p after the booze maker reported higher underlying profit despite lower sales, with chief executive Dave Lewis setting out new strategic priorities for the coming three years. Organic net sales fell 2% in the year to 30 June, with volumes down 0.4% and an unfavourable price and product mix reducing sales by 1.6%.
The group said the $1 billion in savings will begin in the current fiscal year, and will be achieved from work on operations and on its supply chain.
Diageo PLC (LSE:DGE) faces a difficult task convincing investors that its turnaround can revive sales without sacrificing profitability when it reports annual results and presents its new strategy on Thursday, according to JPMorgan. Eight months after taking charge, chief executive Dave Lewis is expected to outline a reset aimed at making the Johnnie Walker and Smirnoff maker more competitive a...
Diageo's decades-old partnership with Moet Hennessy has delivered shrinking returns and at times caused friction, adding to challenges facing new CEO Dave Lewis as he works to revive the world's biggest spirits maker.
India's food safety regulator has barred the sale of some popular whiskies and rum made by Diageo's India unit and India's Inbrew Beverages for using artificial flavouring instead of proper ageing and ingredients to achieve their taste and aroma.