Diageo Reports Profit Slump Amid Falling Demand in Latin America

Despite the downturn, the company sees growth in the British market and expects improvement in the second half of fiscal 2024.

Diageo, the drinks giant, has reported a slump in profits for the second half of 2023, particularly due to a plunge in demand in Latin America and the Caribbean.
The company's shares dipped in early trading after it revealed that some consumers are shifting towards cheaper drinks.
Despite the overall slump, Diageo's British business saw positive growth, boosted by soaring demand for Guinness.
Diageo's operating profit for the six months to December 31 was down 11.1% against the same period a year earlier.
Diageo's CEO, Debra Crew, expressed confidence in the company's resilience and expects improvement in organic net sales and organic operating profit growth at the group level in the second half of fiscal 2024.