Diageo's profit rises on strong demand, cost cuts [Reuters (UK)]
Diageo plc (DEO)
US:NYSE Investor Relations:
diageo.com/en/investors
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Source: Reuters
Diageo's profit rises on strong demand, cost cuts - Reuters 2 Min Read (Reuters) - Diageo ( DGE.L ), the world’s largest spirits company, reported higher annual profit on Thursday, helped by growth across all its markets, an improved price mix and cost controls. The maker of Johnnie Walker Scotch whisky, Smirnoff vodka and Guinness stout said operating profit rose 10% to 4 billion pounds for the year ended June 30. Diageo has been restructuring in recent years to improve performance and streamline its portfolio by selling non-core businesses and underperforming labels, while trying to bulk up on newer, hipper brands. It has looked to focus on its Scotch business and grow its operations in India and the United States. Organic net sales rose 6.1% with Asia Pacific rising 9% in net sales from strong demand in China and India. Net sales in North America rose 5%, while Europe and Turkey reported a 4% rise. Total reported net sales increased 5.8% to 12.9 billion pounds. The company report
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