28 September, 2020

World: Diageo expects improved business in July to December as bars and restaurants reopen following Covid-19 lockdowns

Diageo Plc said it expects business in July to December to improve versus the first six months of the year as bars and restaurants reopen following coronavirus lockdowns, Bloomberg reported on September 28.

Sales and operating profit should be better in the company’s fiscal first half, which runs through December, Diageo said. The stock rose as much as 6.4% in London.

Business has improved in all regions since June, and the U.S. is ahead of expectations, Chief Executive Officer Ivan Menezes said in a statement. Bars are open in all states in that market, with some restrictions. In Europe, pubs have largely reopened in most countries, though the company noted the risk of new restrictions where Covid-19 infection rates are worsening.

Diageo repeated however that first-half sales will still be down compared to the year-earlier period and margins will narrow.

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