‘Drastic Dave' slashes Guinness owner's dividend as sales slump [Yahoo! Finance]
Diageo plc (DEO)
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diageo.com/en/investors
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Source: Yahoo! Finance
The new boss of Guinness and Johnnie Walker owner Diageo has halved the company's dividend after sales slumped at the struggling drinks giant Sir Dave Lewis, the former Tesco boss hired at the start of this year, said there was “significant work ahead” after he was forced to cut the company's sales forecast. Diageo reported a 2.8pc drop in underlying operating profits to $3.3bn (£2.4bn) in its half-year results as underlying sales also fell 2.8pc. Sir Dave made the “difficult decision” to cut the dividend from 40.5 cents per share last year to 20 cents and ramped up cost savings to boost its flagging performance. The prompt action helped the seasoned executive live up to his nickname “Drastic Dave”, earned during his three decades at consumer goods giant Unilever where he oversaw a programme of brutal but effective cost cuts. However, the cost-saving plan and the weak sales wiped more than £2.7bn off Diageo's market valuation in early trading, as shares fell by as much as 6
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