Stock Groups

Spirits maker Diageo posts 16% rise in first-half sales


DiageoJohnnie Walker Whisky Company and Tanqueray Gin Corporation announced Thursday that their first half sales increased by nearly 16%. This was due to more people buying high-end spirits, and higher orders from bars as they reopened following coronavirus lockdowns.

Diageo stated that the operating profit rose by 22.5% ($3.62 Billion) to 2.7Billion pounds in six months, with its operating margin increasing by 190 basis point.

Sales rose by 15.8%, to 8 billion Pounds.

This is the world’s largest spirit maker. During the COVID-19 pandemic shoppers purchased spirits and beer at home. Sometimes, they traded up to more costly types of alcohol.

As lockdowns ease, especially in Europe and North America have seen bars restock their stock, purchasing more than they did the year before.

Rival Remy CointreauAfter beating quarterly sales estimates, the French spirit group said this week that it was confident there will be demand in China for premium cognac.