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Diageo plunges 10% on sales decline, but Guinness a bright spot

July 30, 2024
in News
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John Morrissey serves pints of Guinness at a traditional Irish pub in Dublin on May 21, 2024, in Dublin, Ireland.

Nurphoto | Nurphoto | Getty Images

Shares of spirits giant Diageo tumbled more than 10% on Tuesday morning, after the Johnnie Walker-maker posted its first sales decline since the start of the pandemic.

Shares were down 8.45% at 10:12 a.m. U.K. time.

The London-based company said organic net sales dropped 0.6% in the full-year to June 30, largely due to weakness in the Latin America and Caribbean region. Reported net sales were down 1.4%.

Guinness, the Irish stout that has gained popularity among younger consumers in recent years in part due to celebrity endorsements, was the primary driver of overall net beer sales growth of 18%, the company said. Spirits sales meanwhile declined by 1%.

Guinness saw double-digit volume growth largely due to share gains in Ireland and Britain.

Reflecting a broader industry trend, non-alcohol beer sales boomed, with Guinness 0.0 net sales and volumes more than doubling in the fiscal year.

Diageo is also known for brands such as Baileys, Smirnoff, Captain Morgan, Don Julio and Tanqueray.

Diageo plunges 10% on sales decline, but Guinness a bright spot

Chief executive Debra Crew said it had been a “challenging year” for the company and the industry more broadly due to macroeconomic and geopolitical volatility.

North America struggled with a cautious consumer environment as well as inventory restocking issues, Crew said.

“Diageo’s recent results are disappointing but not catastrophic. Revenue has remained fairly stable, with a slight decline of 1% both overall and in the second half,” Chris Beckett, head of equity research at Quilter Cheviot, said in a note.

“The situation in Latin America is concerning as it was the primary reason for the profit warning earlier in the year. The region’s economic conditions have exacerbated inventory issues, leading to a notable loss in margin.”

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