Sept 26 (Askume) – Diageo (DGE.L) said on Thursday some of its strategic moves were bearing fruit, allowing the world’s largest spirits maker to stick to its outlook in a challenging environment, sending its shares up 3% in early trade
In a statement ahead of last year’s annual shareholder meeting, the company said it was making progress on its business plan, including in the United States, where it is working to improve its sales and distribution pipeline.
In Nigeria, the maker of Johnnie Walker whisky and Tanqueray gin plans to complete a deal to restructure its business model.
“I believe that as consumer conditions improve, the steps we are taking will allow us to continue to outperform the market,” Chief Executive Debra Crew said in a statement.
The company warned in July that weak consumer confidence and other challenges could persist until 2025 as the group struggled to restore investor confidence after issuing a profit warning in November.
“While Diageo’s expectations are unchanged from late July, comments that the global industry remains challenging will not help spirits competitors,” JPMorgan analysts said in a note.
