LONDON (Reuters) -Johnnie Walker whisky maker Diageo on Thursday posted full-year sales up 21.4% as more people drank expensive spirits and bars reopened after pandemic lockdowns last year.
Reported net sales rose to 15.5 billion pounds ($18.87 billion) in the year to June 30, beating the 16.1% increase analysts had been expecting, according to Refinitiv.
The world’s largest spirits maker, which also makes Tanqueray gin, Captain Morgan’s rum and Ketel One vodka, said its high-end brands contributed 57% of reported net sales.
Diageo has benefited since the start of the pandemic from people trading up to more expensive types of alcohol, investing in its high-end portfolio of drinks along the way.
“Looking ahead to fiscal ’23, we expect the operating environment to be challenging, with ongoing volatility related to COVID-19, significant cost inflation, a potential weakening of consumer spending power and global geopolitical and macroeconomic uncertainty,” Chief Executive Ivan Menezes said.
($1 = 0.8213 pounds)
(Reporting by Richa NaiduEditing by David Goodman and Mark Potter)
