Spirits big Diageo seeks to promote beer portfolio on margin concerns- Axios By Reuters


© Reuters. FILE PHOTO: Pints of Guinness are seen in a pub, in Dublin, Eire March 20, 2023. REUTERS/Clodagh Kilcoyne/File Picture

(Reuters) -Diageo is looking for to divest its beer portfolio on margin considerations, besides flagship model Guinness, Axios reported on Tuesday, citing sources acquainted with the world’s largest spirits maker.

The corporate is seeking to promote beer manufacturers together with Smithwick’s, Kilkenny and Harp Lager, based mostly in Eire, and Tusker in Kenya, amongst others, Axios reported, including that its beer manufacturers had been a margin drag on the remainder of the enterprise.

Diageo (LON:) declined to touch upon the report.

Beer gross sales of three.36 billion kilos ($4.23 billion) accounted for simply over 14% of complete gross sales at Diageo for the yr ended June 30, whereas spirits gross sales contributed a mammoth 81%.

The Johnnie Walker whisky maker in November warned of a drop in first-half working revenue progress on weak point in some areas.

($1 = 0.7948 kilos)


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