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Provided by Dow Jones By Matteo Castia Diageo PLC said Thursday that net profit fell in the first half of fiscal 2021 on lower net sales due to the coronavirus pandemic. The London-based maker of Johnnie Walker scotch, Guinness stout and Smirnoff vodka made a net profit of 1.58 billion pounds ($2.16 billion) in the six months ended 31 Dec., compared with GBP1.87 billion for the same period a year earlier. Pretax profit was GBP2.20 billion, down from GBP2.46 billion. Net sales fell to GBP6.87 billion, from GBP7.20 billion the prior year. Still, North America, our largest market, performed particularly strongly and ahead of our expectations, Chief Executive Ivan Menezes said.
Shares in video game retailer GameStop and cinema giant AMC Entertainment Holdings - among others - sunk in New York on Thursday, after online brokerages including Robinhood and Interactive Brokers restricted trading following multiple volatility trading halts.
Diageo sales fall despite double-digit Tequila growth 28th January, 2021 by Owen Bellwood
Johnnie Walker owner Diageo saw sales drop 4.5% in the second half of 2020 as double-digit Tequila growth failed to offset the impact of Covid-19 on Scotch whisky.
Don Julio sales increased by 39% in the first half of Diageo’s fiscal year
The Don Julio Tequila owner reported net sales of £6.9 billion (US$9.4bn) in the six months to 31 December 2020, down 4.5% on the same period in 2019. According to Diageo, organic growth of 1% during H1 was offset by ‘unfavourable exchange’.
The company’s reported operating profit for the six-month period dropped 8.3% to £2.2bn (US$3bn).
Diageo s underlying sales growth shows surprise rise
Updated / Thursday, 28 Jan 2021
08:57
Diageo said that strong demand at retail stores in the US made up for weak sales at bars and restaurants in Europe
Guinness owner Diageo has today reported an unexpected rise in underlying net sales growth for the first half of its year on strong demand for spirits like tequila at retail stores in the United States, sending its shares up 4%.
Alcoholic drink makers have been hit as the pandemic closed bars, restaurants and night clubs around the world and as travel was restricted.
But Diageo, which also makes Johnnie Walker whisky, produced a strong performance in US.