Diageo’s revenue increases as consumer demand increases

Diageo saw profits and sales rise as bars reopened and consumer demand in supermarkets and off-licences held steady.

For the year ended 30 June 2022, sales rose 21.4 per cent to £15.5 billion (€18.5 billion). Operating profit also rose 18.2 per cent to £4.4bn (€5.2bn) in a year when restrictions were lifted and the company resumed.

Net sales in Ireland increased by 71 percent after a significant decline in the previous financial year. This was due to strong growth in Guinness sales.

Diageo said the recovery in the hospitality sector is particularly evident in Ireland, the UK and southern Europe. This return was also reflected in beer sales, which rose 63 per cent thanks to the reopening of the sector in Ireland and the UK.

Price increases in the mid-single digits across all regions are also driven by growth, according to the drinks giant, and are expected to offset the impact of rising inflation.

“In a year of significant disruptions to the global supply chain, our double-digit volume growth demonstrates the tremendous agility and resourcefulness of our teams,” said Chief Executive Ivan Menezes.

“We benefited from the retail recovery, ongoing global premiumization trends with our super premium plus brands up 31% and pricing increases in our regions.”

He added that Diageo expects the operating environment in the coming fiscal year to be challenging due to “Covid-19-related volatility, significant cost inflation, a potential weakening of consumer purchasing power and global geopolitical and macroeconomic uncertainty.”

https://www.independent.ie/business/world/diageo-revenues-increase-as-consumer-demand-rises-41873555.html Diageo’s revenue increases as consumer demand increases

Fry Electronics Team

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