帝亚吉欧财年净销售额下滑2% 宣布10亿美元成本削减计划

The Johnnie Walker owner unveiled a US$1 billion restructuring plan after reporting a net sales decline of 2% for the year ended 30 June 2026.

Diageo delivered its preliminary full-year 2026 (F26) results yesterday, reporting a 2% drop in organic sales against predictions of a 2-3% decline. The release of these figures came before Diageo announced it is to cut c.$1 billion in costs over the next three years as changes to its operating framework, supply chain and restructuring begin to yield savings. This represents a 0.4% fall in volume and an organic net sales decline of 3% to US$19.6 billion, driven by a combination of category softness across spirits, competitive pressure on the Tequila category, and double-digit declines in sales of Chinese white spirits (CWS). If not for lagging sales of CWS – particularly the firm’s Shui Jing Fang baijiu brand – Diageo estimates that organic net sales would have been 1.5% higher. Organic profit increased by 2%, which the firm has attributed to cost savings despite the impact of tariffs and unfavourable price mix. However, the weight of impairment charges and expenditures related to restructuring reflected in the group’s operating profits, which declined by 27.2%. In addition to the negative impact of declining organic net sales, the company has cited the impact of disposals including the sales of Guinness Ghana Breweries, Guinness Nigeria, Seychelles Breweries; as well as the Sheridan’s liqueur brand and the transfer of majority ownership of Cîroc vodka in North America to investment firm Main Street Advisors. The London-headquartered firm cited the impact of significant exceptional costs relating to restructuring which totalled $0.9 billion in FY26, with roughly $752 million going towards the implementation of a new operating framework, and the remaining c.$148 million accounted for by the firm’s Accelerate programme. Regional performance These expenses were offset somewhat by positive organic growth seen in many regions, with net sales up by 3.4% in Europe, 7.7% in Latin America and the Caribbean (LAC), and 13.3% in Africa. However, net sales in North America were down by 8.4% while Asia Pacific fell by 6.3%. CFO Nik Jhangiani said: “fiscal 26 has been a mixed year, with good momentum in Europe, Latin America and Africa, but with challenges in North American and Asia Pacific.” While Sir Dave Lewis, CEO, added: “We are pleased with our progress in Latin America, Europe and Africa. We are focused on recovering our competitiveness in North America and we are working through the consequences of government policy in Chinese white spirits.” Diageo has attributed falling sales in North America to weak spirits sales overall. US spirits net sales declined by 11.5%, reflecting a 9% drop in volume, driven by competitive pressure and softness in the Tequila category. Tequila sales in the region were down by 21.1%. In addition to an increase in net organic sales, Europe reported a net sales increase of 5.7%, with results dragged by sales declines of 4.9% in Central and Eastern Europe, 7.5% in Iberia, and 3.5% in France. Great Britain saw a net sales growth of 2.9%, with double-digit growth in Guinness offsetting the softening spirits segment. Ireland provided a similar picture with 3.2% growth. Türkiye grew by 25.5%, aided by double-digit increases in sales of raki, Scotch whisky and gin, with Johnnie Walker benefitting from expanded distribution and increased visibility in the territory. Central and Eastern Europe declined by 4.9%, an improvement on H1. Challenges relating to Chinese white spirits (CWS) contributed to a 6.3% decline in organic net sales in the Asia Pacific region. This reflected an overall drop of 34.9% net sales in China, owing to a 41.9% decline in volume sales of CWS following domestic policy changes surrounding the purchasing and consumption of alcohol. In Latin America and the Caribbean, organic net sales grew by 7.7%, with volumes up by 3.1%. Diageo’s Scotch whisky portfolio also helped to drive a net sales rise of 5.7% in the Caribbean, Central America and Venezuela region with volumes up by 1.8%. Results from Mexico tell a similar story with Scotch whisky contributing to 0.4% net sales increase and 5.8% volume growth. Africa showed organic net sales growth of 13.3% and organic volume growth of 14.0%, attributable in part to double-digit growth across spirits and RTDs and high-single-digit growth in beer. Category and brand performance Across all spirits, organic net sales were down by 5%, despite a reported net sales increase of 75%. Tequila – which grew by 15% in volume and by 18% in organic net sales in FY25 – saw organic net sales drop by 16%. Sales of the key Don Julio and Casamigos Tequila brands fell by 19.2% and 27.7% respectively. Diageo has announced plans to reposition the Casamigos brand with a new marketing campaign to boost competitiveness. This is in contrast to the FY25 results, which saw Don Julio grow by 41.9%, and Casamigos decline by 18%. Ready-to-drink and cocktail net sales grew by 35.1% in the US, which has been attributed to the successful launch of Casamigos read-to-serve formats coinciding with the men’s Fifa World Cup and strong sales of Bulleit and Ketel One cocktails. Vodka sales declined 1% in the region, with flagship brand Smirnoff down by 5%, amid pressure from RTDs and overall category weakness. A decline in sales of 7.3% for Buchanan’s blended Scotch whisky was blamed for a 1.1% drop in sales for Scotch overall, even as net sales of Johnnie Walker rose by 1%. Crown Royal whisky declined by 15.9%, lapping strong sales for Crown Royal Blackberry in FY25. Net sales of Scotch whisky were up by 2% worldwide, driven in part by organic net sales growth of 2% for Jonnie Walker and 12% for Buchanan’s. CWS organic net sales dropped by 47%. Meanwhile, sales RTDs remained buoyant showing 15% growth in net organic sales. Organic net sales of Canadian whisky were down by 15%, with key brand Crown Royal also down by 15% for the year. US whiskey organic net sales also fell by 8%. Diageo’s rum portfolio showed organic net sales improve by 2%, even as Captain Morgan dropped by 4% in organic net sales and 3% in volume. Fiscal outlook for 2027 Diageo has predicted flat organic sales growth for FY27, with North American organic net sales expected to fall by mid-single-digits. It has further outlined a projected operating profit growth in the low-to-mid single-digits, accounting for savings yielded by ongoing changes to its supply chain and operational framework. “This new strategy, executing with a new, more agile, competitive and cost-effective operating model, gives us confidence that we can return Diageo to a business consistently creating value for shareholders,” Lewis added. “We remain a business with a very strong premiumisation agenda, but by activating our wider portfolio, we will be able to serve more consumers, across a variety of occasions. There is hard work ahead, particularly in North America, where improving performance is a clear priority, but we are confident we can deliver without taking a step back in operating profit.” Diageo shares rose 5.6% to close at £17.33 (US$23.29) yesterday, marking their highest price since February in FTSE 100 trading.