Tanqueray gin maker Diageo reported a higher-than-expected full-year operating profit on Tuesday despite a slight fall in sales volumes, as it benefited from higher prices and customers treating themselves to more expensive liquor brands.
A customer picks up a pint of Guinness in a pub, in Dublin, Ireland March 20, 2023. REUTERS/Clodagh Kilcoynereported a higher-than-expected full-year operating profit on Tuesday despite a slight fall in sales volumes, as it benefited from higher prices and customers treating themselves to more expensive liquor brands.
The world's largest spirits maker, which also makes Johnnie Walker whisky, Captain Morgan's rum and Ketel One vodka, said organic net sales rose 6.5% in the year to June 30, marginally beating"We drove double-digit organic net sales growth in scotch, tequila, and Guinness, with our premium-plus brands contributing 57% of overall organic net sales growth," Diageo's new CEO Debra Crew said in a statement.
Diageo said its organic net sales increase reflected 7.3 percentage points of gains from higher prices and a more premium mix and a decline in organic sales volumes of 0.8%.Diageo tapped a new consumer base of amateur cocktail-makers during the COVID-19 pandemic that has since driven at-home sales.
Once lockdowns ended, many people stuck these brands, continuing to buy them in bars and restaurants as treats despite their big price tags.
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