British spirits giant Diageo Plc, one of the world’s largest drink makers, has seen its London-listed shares nearly halved over the past three years as cash-strapped consumers dial back alcohol spending. The company recently reported its first global sales decline since 2020. Goldman analyst Jack McFerran told clients Tuesday that “there is no sign of a bottom, with risks still skewed to the downside.”
The company, which makes Smirnoff vodka, Casamigos tequila, and Johnnie Walker whisky, has faced an “extraordinary environment” amid consumers dialing back on premium liquor consumption.
In July 2024, CEO Debra Crew warned, “You do see persistent inflation that is really weighing on consumers and weighing on their wallets.”
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