Diageo pushed up annual sales by more than a fifth as drinkers returned to bars and restaurants and celebrated with ultra-luxurious “super premium plus” spirits brands such as Don Julio tequila and Bulleit bourbon.
The distiller said drinkers were not showing signs of trading down to cheaper beverages even as earnings from retailers such as Walmart showed households were cutting back on other purchases, including clothing.
Diageo’s reported like-for-like net sales growth for the year to June 30 of 21.4 per cent. Of this, 11.1 per cent was attributed to higher prices and consumers choosing more expensive drinks categories. That brought reported net sales to £15.5bn for the year. Pre-tax profit rose 18.4 per cent to £4.4bn.
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