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Spirits giant Diageo seeks to sell beer portfolio on margin concerns- Axios

Published Dec 05, 2023 19:34 Updated Dec 05, 2023 19:55
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© Reuters. FILE PHOTO: A signage is seen on the outside of Diageo offices in west London October 10, 2008. REUTERS/Toby Melville/File Photo
 
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(Reuters) -Diageo is seeking to divest its beer portfolio on margin concerns, except flagship brand Guinness, Axios reported on Tuesday, citing sources familiar with the world's largest spirits maker.

The company is looking to sell beer brands including Smithwick's, Kilkenny and Harp Lager, based in Ireland, and Tusker in Kenya, among others, Axios reported, adding that its beer brands were a margin drag on the rest of the business.

Diageo (LON:DGE) declined to comment on the report.

Beer sales of 3.36 billion pounds ($4.23 billion) accounted for just over 14% of total sales at Diageo for the year ended June 30, whereas spirits sales contributed a mammoth 81%.

The Johnnie Walker whisky maker in November warned of a drop in first-half operating profit growth on weakness in some regions.

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Spirits giant Diageo seeks to sell beer portfolio on margin concerns- Axios
 

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