Diageo full-year sales jumps in double digit

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Diageo full-year sales jumps in double digit

Diageo has reported double-digit net sales growth that is 10.7 percent for the fiscal year 2023, led by its premium-plus brands where its net sales have increased to $21.93 billion.

Scotch and tequila, the company's two biggest spirits categories, has helped to boost spirits sales of Diageo by 6 percent organically, during the last fiscal.

Sales of Scotch for Diageo rose by 12 percent during the fiscal year 2023, with Johnnie Walker leading the way. Single malt Scotch from Diageo saw a 16 percent increase during the same time. Don Julio and Casamigos contributed to a 19 percent increase of tequila sales of Diageo, which were led by North America, during the fiscal year 2023, which ended on 30th June 2023.

All regions, with the exception of North America, saw a 2 percent increase in the company's rum sales during the fiscal year 2023, thanks to Captain Morgan.

Diageo’s sales of liqueur decreased by 1 percent, while its ready-to-drink (RTD) growth was flat during the same period, with growth in Europe and Africa offsetting a loss in North America.

In North America, the reported net sales of Diageo increased by 11percent in the fiscal year 2023. Tequila, vodka, and RTDs in particular drove spirits sales increase of Diageo in Great Britain, with gin serving as a partial counterbalance.

While DIageo's sales in Northern Europe climbed by 11 percent as a result of double-digit growth for Johnnie Walker as well as 'strong growth' in vodka and Tequila, they increased by 12 percent in Southern Europe due to the on-trade's ongoing recovery, increasing tourism, and increases in market share for spirits.

Due to the cessation of exports and sales in Russia in March 2022 as well as the closing down of its operations, Diageo’s net sales from Eastern Europe decreased by 3 percent during the above-mentioned period.

All markets of Diageo in Asia Pacific expanded with the exception of Greater China, and the company experienced strong double-digit growth in India (up 17 percent), Southeast Asia (up 33 percent), Travel Retail Asia and the Middle East (up 67 percent), and North Asia (up 15 percent) during the 2023 fiscal.During fiscal 2023, Diageo's organic net sales grew by 13 percent in the Asia-Pacific region.