Latest news with #spiritssector

Irish Times

Diageo forecasts flat annual sales growth, raises cost-savings target

Guinness-maker Diageo said it expects muted sales growth in this fiscal year, as the drinks maker seeks to recover from a challenging period including the sudden exit of its chief executive officer. The company said organic sales growth will likely only match the 1.7 per cent uplift of last year, when the drinks maker grappled with US President Donald Trump's tariff war, volatile demand and management upheaval. That growth was slightly more than analysts expected. The world's biggest spirits maker is looking for a new chief and finance head to turn around its financial and share performance, and guide it through a plan announced in May to cut $500 million in costs and make substantial asset sales by 2028. 'Macroeconomic uncertainty and the resulting pressure on consumers continues to weigh on the spirits sector,' Diageo said in its first set of results under interim chief executive Nik Jhangiani. READ MORE Diageo said it expects organic sales to fall slightly in the first half of 2026, with growth more weighted towards the second half. The board of Diageo is moving quickly to find a permanent chief executive officer and will likely make a decision by the end of October, Mr Jhangiani said on a media call. Former chief executive, Debra Crew, stepped down last month after two years in the role. - Reuters, Bloomberg