By Michael Susin

Diageo said expectations for fiscal 2024 remain unchanged despite warning of persistent continuing cost pressures and macroeconomic challenges.

The liquor maker--which owns Johnnie Walker whisky and Tanqueray gin--on Thursday said it expects a gradual improvement on both organic net sales and operating profit growth from the first half of the fiscal year ending June 30 and then an acceleration in the second half, given softer comparators.

Diageo said it is well-positioned to deliver 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.

"I am confident in the resilience of our business and our ability to navigate these headwinds while executing our strategic priorities," Chief Executive Debra Crew said.

The company changed its reporting and dividend currency to U.S. dollar from the pound at the start of fiscal 2024.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

September 28, 2023 02:36 ET (06:36 GMT)

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