Johnnie Walker maker Diageo says it’s on track to meet medium-term sales and profit target

By Michael Susin

Diageo PLC /zigman2/quotes/205611832/delayed UK:DGE -0.24% /zigman2/quotes/208129584/composite DEO -1.50% said Thursday that it has had a good start to fiscal 2023 and that it remains well-positioned to deliver its medium-term guidance despite expecting the operating environment to remain challenging.

The liquor maker–which owns Johnnie Walker whisky and Tanqueray gin–said it is in a good position to achieve its guidance of organic net sales growth in the range of 5% to 7% and organic operating profit growth in the range of 6% to 9% for fiscal 2023 to fiscal 2025.

However, the company expects the volatility caused by geopolitical uncertainty, inflation and weakening of consumer power to continue.

“I am confident in the resilience of our business and our ability to navigate these headwinds while executing our strategic priorities, including our ambitious 2030 sustainability plan,” Chief Executive Officer Ivan Menezes said.

Write to Michael Susin at michael.susin@wsj.com

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Diageo PLC

UK : U.K.: London

3,061.00 p

-7.50 -0.24%

Volume: 157,239

Sept. 27, 2023 9:08a

P/E Ratio

18.62

Dividend Yield

2.61%

Market Cap

£69.66 billion

Rev. per Employee

£565,364

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Diageo PLC ADR

US : U.S.: NYSE

$ 150.61

-2.29 -1.50%

Volume: 433,995

Sept. 26, 2023 4:00p

P/E Ratio

19.13

Dividend Yield

2.68%

Market Cap

$84.97 billion

Rev. per Employee

$680,012