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World: Diageo’s Q3 organic net sales grow by 5.9%
Diageo has posted 5.9% organic sales growth for the third quarter, hitting $4.4bn, with strong results in the Americas offsetting slower performance in Asia Pacific and Europe.
Growth in North America was attributed to purchases before the tariffs came into effect, with Diageo predicting that “favourable phasing” delivered about 4% of the period’s organic net sales growth, and this is expected to reverse in the next quarter.
Despite this, Diageo Chief Executive Debra Crew said she is positive about the company’s performance.
“In the third quarter we delivered strong organic net sales growth and are on track to deliver on our guidance of sequential improvement in organic net sales performance in the second half of fiscal 25,” she said.
“We continue to believe in the attractive long-term fundamentals of our industry and in our ability to outperform the market. We view the near-term industry pressure as largely macro-economic driven, with continued uncertainty impacting both the timing and pace of recovery.”
Alongside the tariffs, Don Julio tequila was a major driver of growth in North America, with restocking needed to keep pace with consumer demand. Organic net sales were up 7% in the region too.
Sales were flat in Europe, with Guinness driving momentum, with growth somewhat offset by “softness” in spirits across key markets. Asia Pacific grew 2% from a smaller base, driven by growth in India.
Africa was a standout performer, wit 10% growth and double-digit growth in Tanzania and Uganda.
The company’s full year results are due in August.
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