LONDON/MEXICO CITY — Diageo is set to post its first yearly sales decline since 2020 next week, when it needs to convince investors that plans to turn around its North American and Latin American businesses are showing progress.
The world's top spirits maker has come under pressure following a profit warning last November in Latin America and the Caribbean, which shook investor confidence in its management.It has also lost market share in the US.As a result, analysts on average expect Diageo to post a 0.2 percent decline in net sales for the year to June 30 when it reports results on Tuesday. The company, which makes Johnnie Walker whisky and Tanqueray gin, made net sales of 17.1 billion pounds the previous year.
Diageo's US market share has suffered because spirits in which it has traditionally been strong, like whisky and gin, are less popular than in the past.In the market for tequila, which has enjoyed fast-growing popularity over the last few years, pricier labels like Diageo's Casamigos have recently lost share to cheaper brands.Nielsen data, provided to Reuters by an industry source, shows Diageo has lost US market share in four of the six months to June.
Set For First Post-Covid Sales Decline
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