Diageo Fiscal Year 2023 Pretax Profit Rose; Backs Medium-Term Guidance -- Update
01 Agosto 2023 - 9:19AM
Dow Jones News
By Joe Hoppe
Diageo on Tuesday reported a rise in pretax profit for fiscal
2023, albeit slightly below market expectations, on strong organic
net sales growth and price increases, and backed its guidance.
The alcoholic drinks company made a pretax profit of 4.74
billion pounds ($6.08 billion) for the year ended June 30, compared
with GBP4.39 billion the previous year.
A consensus estimate taken from FactSet forecast Diageo's pretax
profit at GBP5.06 billion.
Net sales rose to GBP17.11 billion from GBP15.45 billion a year
earlier, reflecting organic volume contraction of 0.8% offset by a
positive price mix of 7.3 percentage points. A consensus estimate
taken from FactSet expected net sales to come in at GBP17.22
billion.
Diageo reported organic net sales growth of 6.5%, above a
consensus forecast of 6.4% taken from the company's website and
reflecting organic volume contraction of 0.8% offset by a positive
price mix of 7.3%.
"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," Chief Executive Debra
Crew said.
The company said it delivered a stable North America
performance, with organic revenue flat as the U.S. industry
continued to normalize post-pandemic. All other regions, and
particularly Europe and Asia Pacific delivered organic growth.
On Monday, Dutch brewer and peer Heineken cut its own full-year
outlook after reporting a fall in key earnings for the first half,
largely driven by lower volumes in the profitable Asia Pacific
region.
The board declared a final dividend of 49.17 pence a share. This
brings the total for the year up to 80.0 pence, from 76.18 pence in
fiscal 2022.
The company backed its 2023-25 guidance for organic net sales
growth of 5% to 7% a year and organic operating profit growth of 6%
to 9% a year.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
August 01, 2023 03:04 ET (07:04 GMT)
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