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Sept. 28, 2020, 2:23 a.m. EDT

Diageo: Improved outlook ahead after strong start

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By Matteo Castia

Diageo PLC said Monday that its U.S. business performance since the start of fiscal 2021 has exceeded management expectations and that the group's outlook for the year's first half has improved.

The world's largest liquor maker--which owns Johnnie Walker whisky and Tanqueray gin--said performance has improved across the board in most of its markets, driven by the gradual lifting of coronavirus restrictions and strong demand in the off-trade channel.

"We continue to expect sequential improvement in organic net sales and operating profit compared to the second half of fiscal 2020. Compared to the first half of fiscal 2020, we still expect lower organic net sales and margin dilution," the company said.

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