{"id":16240,"date":"2024-08-06T04:05:43","date_gmt":"2024-08-06T04:05:43","guid":{"rendered":"https:\/\/cissar.com\/?p=16240"},"modified":"2024-08-06T04:05:43","modified_gmt":"2024-08-06T04:05:43","slug":"johnnie-walker-casamigos-parent-company-posts-first-annual-sales-decline-since-2020","status":"publish","type":"post","link":"https:\/\/cissar.com\/index.php\/2024\/08\/06\/johnnie-walker-casamigos-parent-company-posts-first-annual-sales-decline-since-2020\/","title":{"rendered":"Johnnie Walker, Casamigos parent company posts first annual sales decline since 2020"},"content":{"rendered":"
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Loneliness worse than smoking, alcoholism, obesity: Study suggests<\/a><\/h2>\n

Fox News medical contributor Dr. Marty Makary discusses a new study that suggests loneliness can lead to premature death on Varney & Co.\u00a0<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

The world’s top spirits maker Diageo<\/u><\/a> posted its first decline in annual sales in four years on Tuesday, with the loss led by sliding sales in Latin America and North America.<\/p>\n

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The London-based parent company of more than 200 brands \u2014 including Johnnie Walker whisky<\/u><\/a>, George Clooney and Randy Gerber’s Casamigos tequila, Guinness stout beers, Crown Royal Canadian Whiskey and Smirnoff vodka \u2014 had sales decline by 0.6% overall, while sales in the Latin America and Caribbean region fell by 21.1%.<\/p>\n

Diageo’s operating profit fell by 4.8% for the fiscal year to $6 billion amid the declines in the North American and Latin American and Caribbean (LAC) markets.<\/p>\n

“The main driver was materially weaker performance in LAC, our Latin America and Caribbean region, which makes up 8% of Diageo’s organic net sales,” the company wrote in its preliminary annual results report.\u00a0<\/p>\n

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CHAMPAGNE SALES DOWN WORLDWIDE IN 2024, INDUSTRY EXECUTIVES CITE LACK OF ‘CHEER’<\/u><\/strong><\/a><\/p>\n

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Diageo said that Johnnie Walker was the top international spirits brand in calendar year 2023, according to IWSR.<\/span> (John Keeble\/Getty Images \/ Getty Images)<\/span><\/p>\n<\/div>\n<\/div>\n

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“Organic net sales in our largest region, North America or NAM, also declined, reflecting a cautious consumer environment compounded by the impact of lapping inventory replenishment in the prior year,” Diageo explained.<\/p>\n\n\n\n\n\n\n\n
Ticker<\/th>\nSecurity<\/th>\nLast<\/th>\nChange<\/th>\nChange %<\/th>\n<\/tr>\n<\/thead>\n<\/tbody>\n
DEO<\/a><\/td>\nDIAGEO PLC<\/td>\n125.44<\/td>\n-6.16<\/td>\n\n -4.68%\n <\/td>\n<\/tr>\n
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Diageo said that it has “dramatically reduced” inventory to more appropriate levels in Mexico, its second-largest market in the Latin America and Caribbean<\/u><\/a> region.\u00a0<\/p>\n

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However, the company noted that “this market continues to face persistent challenges with a highly competitive environment and consumer downtrading in tequila and scotch<\/u><\/a>.”<\/p>\n

ALCOHOL, SNACK INDUSTRIES TAKE HIT AS WEIGHT LOSS DRUGS DRIVE HEALTHIER SHOPPING TRENDS: STUDY<\/u><\/strong><\/a><\/p>\n

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Casamigos net organic sales fell 22% in fiscal 24, in part due to the impact of lapping restocking after supply shortages.<\/span> (Ray Bahner\/MLB Photos via Getty Images \/ Getty Images)<\/span><\/p>\n<\/div>\n<\/div>\n

The company said it “grew or held total market share in over 75% of total net sales in measured markets, including in the U.S.,” according to its internal estimates based on data from several market analytics providers.<\/p>\n

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(L-R) Mike Meldman, Cindy Crawford, Rande Gerber and George Clooney at the Casamigos House of Friends Dinner on June 8, 2018 in Hollywood, California.<\/span> (Stefanie Keenan\/Getty Images for Casamigos)<\/span><\/p>\n<\/div>\n<\/div>\n

Diageo CEO Debra Crew went on to say that, “While fiscal 24 was a challenging year for both our industry and Diageo with continued macroeconomic and geopolitical volatility, we focused on taking the actions needed to ensure Diageo is well-positioned for growth as the consumer environment<\/u><\/a> improves.”<\/p>\n

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Diageo said that Guinness was the fastest-growing imported beer in the U.S. in the last 12 months.<\/span> (PAUL FAITH\/AFP via Getty Images \/ Getty Images)<\/span><\/p>\n<\/div>\n<\/div>\n

Crew said the company is taking action to “manage the inventory issues in LAC” while also strengthening the company’s consumer insights and redeploying resources towards the “best growth opportunities.”<\/p>\n

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