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☆ Saudi Arabia's first alcohol store is a big step, but also aims to tackle a longstanding problem: Booze smuggling
▼ + stars: | 2024-01-26 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Saudi Arabia's first alcohol store has opened in the diplomatic quarter of its capital Riyadh, accessible to non-Muslim diplomats. Drinking is also forbidden under Islam, and most of Saudi Arabia's local population is religiously observant. From there, bottles are often sold on the black market at huge markups, according to expat and local residents of the country. A one-liter bottle of vodka, for instance, typically costs between $500 and $600 on the black market, sources said, while they described a single bottle of Johnnie Walker Blue Label going for between $1,000 and $2,000. At-home booze making has also taken place in the kingdom for decades, according to expats who've previously lived there.

Persons: Johnnie Walker Blue, expats who've Organizations: Saudi, CNBC Locations: Riyadh, Saudi, British, Dubai

☆ Diddy and Diageo part ways in settlement of racism accusations
▼ + stars: | 2024-01-16 | by ( Micah Washington | ) www.cnbc.com time to read: +2 min

Sean "Diddy" Combs and Diageo said Tuesday they have broken ties and settled the music mogul's accusations that the spirits giant neglected his vodka and tequila brands. Mr. Combs has withdrawn all of his allegations about Diageo and will voluntarily dismiss his lawsuits against Diageo with prejudice." Diageo and Combs added that they have "no ongoing business relationship, either with respect to Cîroc vodka or DeLeón tequila, which Diageo now solely owns." In November, Diageo filed a letter aiming to prevent Combs from appearing in DeLeon tequila ads after the singer Cassie accused him of rape and abuse. Cassie and Combs settled the singer's lawsuit that month, only a day after she filed it.

Persons: Sean, Diddy Combs, Debra Kelly Ennis, Guy Smith, Diddy, Stone Rose, Combs, DeLeon, Cassie, Don Julio, Johnnie Walker Organizations: Diageo, Diageo North, Stone, Time Warner Center, New York Supreme, Combs, CNBC PRO Locations: Diageo North America, New York City, London, New York, Manhattan

The letter came after a series of lawsuits Combs filed against Diageo, whose other brands include Johnnie Walker, Don Julio and Smirnoff. Diageo ended the Cîroc partnership over the summer, saying at the time that Combs had breached his contract. That period, the company said, "happens to correspond with the pendency of Combs Wines' original lawsuit against Diageo." Diageo didn't respond to requests for comment. Revolt didn't respond to a request for comment.

Persons: Cassie, Sean, Diddy, Combs, Johnnie Walker, Don Julio, Smirnoff, Roberta Kaplan, Casandra Ventura, Ventura, Harve Pierre, Pierre, Pierre didn't, @Diddy, Dawn Montgomery, Montgomery, Kelly, Kesha, they'd, Faith Evans, Sean John streetwear, Sean John, Sean John's, Evan Nierman, wasn't Organizations: Diageo, New York Times, Combs, Bad Boy Records, Boy Entertainment, NBC News, Bad, Variety, Combs Enterprises, Love Records, Motown Records, Nordstrom, Saks Locations: New York, London, Los Angeles

☆ Guinness Maker’s Morning After Offers Little Reassurance
▼ + stars: | 2023-11-16 | by ( Aaron Back | ) www.wsj.com time to read: 1 min

Diageo’s brands include Johnnie Walker Scotch whisky, Tanqueray gin and Guinness beer. Photo: ANDREW KELLY/REUTERSGlobal liquor giant Diageo is reeling from the sudden death of its longtime chief executive in June followed by a profit warning last week that tanked the stock. But its real problem is more fundamental: the slow pace of sales in North America after an initial, post-Covid surge.

Persons: Johnnie Walker Scotch, ANDREW KELLY Organizations: REUTERS Global, Diageo Locations: North America

☆ Spirits giant Diageo's shares suffer Latin American hangover
▼ + stars: | 2023-11-10 | by ( Eva Mathews | ) www.reuters.com time to read: +2 min

"Macroeconomic pressures in the region are resulting in lower consumption and consumer downtrading," the world's biggest spirits maker said. Last month, Mexico's Becle (CUERVO.MX), the world's largest tequila producer, said economic challenges in Europe and Latin America were slowing customer spending on liquor, which battered its profits. "Over time, as inflation moderates and productivity from our supply agility program flow through, we expect operating profit to grow ahead of organic net sales growth," Diageo said. Diageo narrowly beat earnings estimates for the year ended June 30, as sales of its more expensive liquor brands offset lower volumes. Reporting by Eva Mathews in Bengaluru; Editing by Rashmi Aich, Emelia Sithole-Matarise and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Persons: Clodagh, Johnnie Walker, Julio, Sophie Lund, Yates, Hargreaves Lansdown, Mexico's, Eva Mathews, Rashmi Aich, Emelia, Alexander Smith Organizations: REUTERS, Caribbean ., Diageo, Thomson Locations: Dublin, Ireland, North America, Africa, Latin America, Europe, America, Bengaluru

☆ Diageo warns on first-half profit on muted LatAm, Caribbean performance
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +1 min

Pints of Guinness are seen in a pub, in Dublin, Ireland March 20, 2023. REUTERS/Clodagh Kilcoyne/File Photo Acquire Licensing RightsNov 10 (Reuters) - Johnnie Walker whisky maker Diageo (DGE.L) on Friday said it expected organic operating profit growth to decline in the first half of its current financial year due to "materially weaker" performance in Latin America and Caribbean. "Macroeconomic pressures in the region are resulting in lower consumption and consumer downtrading," the world's biggest spirits company said in a statement. Latin America and Caribbean makes up nearly 11% of the company's net sales, according to Diageo. Sales in the region are now expected to decline by more than 20%, year-on-year, in the first half of fiscal 2024, the company added.

Persons: Clodagh, Johnnie Walker, Eva Mathews, Rashmi Organizations: REUTERS, Diageo, Thomson Locations: Dublin, Ireland, America, Caribbean, Bengaluru

LONDON (AP) — Spirits and beer giant Diageo PLC saw billions wiped off its market value on Friday after it warned that a sharp slowdown in its business in Latin America and the Caribbean was hitting sales and potential profits. It blamed a “materially weaker” outlook in Latin America and the Caribbean as a result of “macroeconomic pressures" and customers downtrading to cheaper products. The region accounts for around 11% of Diageo's total sales. The group highlighted that it still expects an improvement in growth in North America, while its businesses in Europe and Asia Pacific witnessed “continued momentum,” though slower than the previous half-year. “It has impacted results for the region since we have stopped trading in some parts," he said.

Persons: Johnnie Walker, Morgan, “, Debra Crew, ” Sophie Lund, Yates, stockbrokers Hargreaves Lansdown Organizations: Diageo PLC, Guinness, Asia Pacific, Diageo, stoke Locations: Latin America, Caribbean, London, America, North America, Europe, Asia, Gaza

☆ London stocks slip on sluggish GDP data, Diageo's profit warning
▼ + stars: | 2023-11-10 | by ( Khushi Singh | ) www.reuters.com time to read: +2 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. The exporter-focused FTSE 100 (.FTSE) was down 0.9% at 0932 GMT, while the mid-cap FTSE 250 (.FTMC) dropped 2.2%, on track for the biggest one-day fall since early July. The broader beverages index (.FTNMX451010) fell 11.0%, touching the lowest levels since March 2021 and was on track for its biggest one-day decline in over 36 years. Meanwhile, data showed the British economic output failed to grow in the July-to-September period, but at least managed to avoid the start of a recession. Reporting by Khushi Singh in Bengaluru; Editing by Eileen Soreng and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, Johnnie Walker, Khushi Singh, Eileen Soreng Organizations: London Stock Exchange Group, City of, REUTERS, FTSE, Diageo, Bank of England, Bank of, Victoria, U.S . Federal, Thomson Locations: City, City of London, Britain, America, Caribbean, Bengaluru

☆ A co-investment chief at billionaire investor Mario Gabelli's firm shares 3 stocks with strong pricing power he's betting on as inflation remains sticky — including one that could surge 53%
▼ + stars: | 2023-08-25 | by ( William Edwards | ) www.businessinsider.com time to read: +3 min

In such an environment, pricing power is crucial to a firm's success, says Kevin Dreyer. One of the qualities that makes a company attractive to them is strong pricing power: being able to hold prices steady in tough times or even raise them as inflation surges. "I don't tend to think of private label firms as having the best pricing power out there, but that said, what Treehouse has done is pretty unique," he said. The third firm Dreyer talked about was BellRing Brands (BRBR), which owns protein snack brands like PowerBar and Premier Protein. Dreyer also thinks they're a good candidate to be acquired by a larger firm at a premium.

Persons: Kevin Dreyer, Mario Gabelli, Dreyer, Captain Morgan, Don Julio, Baileys, Johnnie Walker, they'll, " Dreyer, they're Organizations: Funds, Diageo, BellRing Brands, Diageo Brands, Guinness, Scotch Whiskey Association, Treehouse Foods, PowerBar Locations: North, South America, India, France

LONDON, Aug 1 (Reuters) - Tanqueray gin maker Diageo (DGE.L) narrowly beat full-year earnings estimates on Tuesday as sales of its more expensive liquor brands offset lower volumes. Diageo's most expensive brands accounted for 57% of its overall organic net sales growth, it said. Diageo said full-year sales were driven by a strong first half. Diageo said its organic net sales increase reflected gains of 7.3 percentage points from higher prices and a more premium mix while organic sales volumes fell 0.8%. Diageo's organic operating profit rose 7%, beating the 6.3% expected by analysts.

Persons: Bourbon, Don Julio, lockdowns, Johnnie Walker, Morgan's, Tineke Frikkee, Debra Crew, Ivan Menezes, Diageo, Richa Naidu, Louise Heavens, Jason Neely Organizations: Diageo, Waverton Investment Management, Thomson

☆ Cannabis firms Cresco, Columbia Care to terminate $2 bln merger
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

July 31 (Reuters) - Cannabis producers Cresco Labs (CL.CD) and Columbia Care Inc (CCHW.NLB) have mutually terminated their $2 billion merger announced in March last year, the companies said on Monday. "In light of the evolving landscape in the cannabis industry, we believe the decision to terminate the planned transaction is in the long-term interest of Cresco Labs and our shareholders," Cresco CEO Charles Bachtell said in a statement. Cresco and Columbia last month said they would not be able to complete the divestitures necessary to secure regulatory approvals to close the transaction. Meanwhile, Columbia Care separately said it had closed its Downtown Los Angeles facility and completed a previously announced corporate restructuring plan, including a 52-person headcount reduction. Reporting by Arshreet Singh in Bengaluru; Editing by Krishna Chandra Eluri and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Johnnie Walker, Charles Bachtell, Sean, Diddy, Combs, Arshreet Singh, Krishna Chandra Eluri Organizations: Cresco Labs, Columbia Care Inc, Columbia, Downtown, Thomson Locations: U.S, Columbia, New York , Massachusetts, Illinois, Downtown Los Angeles, Bengaluru

☆ Diageo ends its 15-year partnership with Diddy following lawsuit
▼ + stars: | 2023-06-27 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Spirits maker Diageo has cut ties with Sean “Diddy” Combs, ending a lucrative 15-year partnership that recently culminated in a racial discrimination lawsuit. The music mogul charged that Diageo had neglected and underpromoted his DeLeón tequila, dismissing it as an “urban” product in its marketing, in a suit filed last month. Diageo responded that he has “amassed nearly $1 billion dollars” from the partnership. Diageo and Combs have partnered on Ciroc vodka since 2007. In 2013, Combs bought DeLeón and formed a joint venture with Diageo for the high-end tequila.

Persons: Sean “ Diddy ” Combs, Johnnie Walker, Diddy’s, Diddy, Diageo, Don Julio, George Clooney, “, Combs, Martha Stewart, DEO, ”, they’ve, John Hueston, Diageo “, ” Hueston, Josh Gerben, it’s “, ” Gerben Organizations: New, New York CNN, Diageo, CNN, Diageo “ kneecapped Locations: New York, London

☆ Ivan Menezes, Who Led a Liquor Giant, Dies at 63
▼ + stars: | 2023-06-14 | by ( Daniel E. Slotnik | ) www.nytimes.com time to read: +1 min

Ivan Menezes, who as chief executive of the spirits corporation Diageo used his canny understanding of the drinking public to help the company grow into a global colossus, died on June 7 in London. The cause was complications of emergency surgery for a stomach ulcer, a Diageo spokesman said. Diageo is omnipresent in the world of alcohol, selling more than 200 brands in more than 180 countries — including Smirnoff vodka, Tanqueray gin, Johnnie Walker Scotch, Captain Morgan rum and Guinness beer — and has the largest global net sales in some spirit categories. Mr. Menezes (pronounced muh-NAY-zes) was trained in marketing, and closely studied consumer sentiment. To him, spirits provided what he called “accessible luxury” to customers — a dram of the good life even in an unstable economy.

Persons: Ivan Menezes, Johnnie Walker Scotch, Morgan, Menezes, ” Mr, Johnnie Walker Blue Organizations: Diageo, Yorker, New York Times Locations: London

☆ US stocks are in the firing line if China’s economy stalls further
▼ + stars: | 2023-06-08 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Recent data shows that China is also contending with worse-than-expected consumer spending, slowing manufacturing and weak home sales. What it means for markets: US-based companies doing business in China stand to lose if the economy continues on a downward trajectory. Qualcomm (QCOM), with a 67% exposure rate to China, issued disappointing forward guidance during earnings last month, citing China’s slow recovery. JD.com (JD), one of the largest Chinese companies trading in the United States, has fallen by nearly 36% this year. The air purifier market is poised to grow as climate change increases air pollution and exacerbates breathing difficulties.

Persons: That’s, China —, Capvision, China Nicholas Burns, ”, Goldman Sachs, Dow, JD.com, Morgan Stanley, Goldman, Ayaz Ebrahim, CARR, Johnson, Ivan Menezes, Diageo, Menezes ’, Menezes, King Charles III, Debra Crew, Johnnie Walker, Ivan, Javier Ferrán, “ Ivan Organizations: CNN Business, Bell, New York CNN, International Monetary Fund, Factories, Bain, Group, Micron Technology, Nasdaq, Apple, Intel, Starbucks, Nike, Bank of America, Las, Qualcomm, Nvidia, Wynn Resorts, WYNN, MGM Resorts, MGM, China . Companies, Dragon, Goldman Sachs Group, Nomura, Barclays, JPMorgan, Asia Pacific, Bloomberg, Google, Carrier Global, Johnson Controls, Economic Co, Diageo, India, Business, ”, Whisky Association, Northwestern University’s Kellogg School of Management Locations: New York, China, Washington, Beijing, United States, Hong Kong, Dragon China, Canada, Pune, India

☆ Diageo's long-time boss Ivan Menezes dies after brief illness
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +2 min

June 7 (Reuters) - Diageo (DGE.L) on Wednesday said long-time boss Ivan Menezes, who held the CEO role at the world's biggest spirits company for 10 years, had died after a brief illness. The 63-year-old, who was set to retire at the end of this month, was in hospital receiving treatment for conditions including a stomach ulcer, the Johnnie Walker whisky maker announced this week. British-American national Menezes, born in the Indian city of Pune, joined Diageo after its formation through the merger of Guinness and Grand Metropolitan in 1997. The executive, who was behind the "Keep Walking" campaign for Johnnie Walker when he was marketing head, previously held roles at Whirlpool and Nestle. Menezes, who was awarded a knighthood this year, is survived by his wife and two children.

Persons: Ivan Menezes, Johnnie Walker, Debra, Menezes, Ivan, Javier Ferrán, Julio, Arvind Subramanian, Subramanian, Menzes, Eva Mathews, Sinchita Mitra, Dhanya Skariachan, Sherry Jacob, Phillips, David Evans Organizations: Diageo, American, Guinness, Grand Metropolitan, Whirlpool, Nestle, Government of, Indian Institute of Management, Thomson Locations: Indian, Pune, Government of India, Ahmedabad, India, Bengaluru

☆ Diageo's long-time boss Ivan Menezes passes away after brief illness
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

June 7 (Reuters) - Diageo (DGE.L) said on Wednesday long-time boss Ivan Menezes has passed away following a brief illness. The announcement comes after the world's biggest spirits company on Monday said CEO-designate Debra Crew would assume the top role on an interim basis immediately as Menezes was under medical treatment. British-American national Menezes, 63, who was born in the Indian city of Pune, joined Diageo after its formation through the merger of Guinness and Grand Metropolitan in 1997. Sales at Diageo, the maker of Johnnie Walker whisky, Tanqueray gin and Don Julio tequila, surged under Menezes' leadership, and he steered the company through multiple brand acquisitions as well as a major sustainability overhaul. Reporting by Eva Mathews in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Ivan Menezes, Debra, Menezes, Johnnie Walker, Julio, Eva Mathews, Sherry Jacob, Phillips Organizations: Diageo, American, Guinness, Grand Metropolitan, Thomson Locations: Indian, Pune, Bengaluru

☆ This winning fund puts a spin on emerging markets investing with bets from Nvidia to Chinese spirits
▼ + stars: | 2023-05-28 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

The Artisan Developing World Fund (ARTYX) is crushing the market this year by tilting the traditional investing principles in emerging markets. "These are companies that are based in developed markets but economically tied to emerging markets," Kaufman said in an interview. By domicile, Artisan Developing World Fund has just 57% of its portfolio in emerging markets. However, the emerging markets exposure should rise to 70% when looking at the economic exposure by revenue, Kaufman said. Other than those passport companies, the fund also invests in a slew of companies domiciled in emerging markets.

☆ Berkshire invests in Capital One, sheds four stocks
▼ + stars: | 2023-05-15 | by ( Jonathan Stempel | ) www.reuters.com time to read: +3 min

Buffett's company made its disclosures in a regulatory filing listing its U.S.-traded stocks as of March 31. Capital One shares rose 5.7% in after-hours trading following Berkshire's disclosure of a 9.92 million share stake worth about $954 million. In Monday's filing, Berkshire also revealed a new $41.3 million stake in Diageo Plc (DGE.L), the maker of alcoholic beverages including Johnnie Walker and Guinness. BERKSHIRE BUYS MORE APPLE, BANK OF AMERICADespite the selling, Berkshire still invests in several financial services companies. Berkshire also has dozens of operating businesses including the BNSF railroad, Geico car insurance, and many energy, manufacturing and consumer units.

☆ European stocks are off to a strong start this year. How U.S. investors can capitalize on it
▼ + stars: | 2023-04-06 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

With Eu r opean stocks off to a strong start this year, investors across the pond may want to get some exposure to that market and capitalize on the trend. .STOXX YTD mountain Strong start to European stocks Despite this outperformance, the European index is also far cheaper than the S & P 500, trading at a forward multiple of 13, while the U.S. benchmark is trading at a forward price-to-earnings ratio of about 18. Tech stocks make up a smaller portion of the European stock index – less than 8% in the Stoxx 600 compared to roughly 30% in the S & P 500. Separately, Goldman Sachs' Peytavin identified autos, real estate, insurance and construction and materials as among the worst sectors for European stock pickers. "They are macro sectors, stocks, all moving together driven by the macro rather than stock idiosyncrasies, and offer a narrow performance spread," Peytavin wrote.

☆ Guinness Maker Diageo Appoints Its First Female CEO
▼ + stars: | 2023-03-28 | by ( Elena Vardon | Michael Susin | ) www.wsj.com time to read: 1 min

Debra Crew, currently Diageo’s chief operating officer, will take over from Ivan Menezes on July 1. Diageo PLC named Debra Crew as its next chief executive, tapping an internal candidate to succeed longstanding leader Ivan Menezes at the helm of the alcoholic beverage company. The London-based maker of Johnnie Walker Scotch whisky, Guinness stout and Smirnoff vodka said Tuesday that Ms. Crew, currently Diageo’s chief operating officer, would take over from Mr. Menezes on July 1. In becoming CEO, she adds to the handful of women that lead one of Britain’s biggest companies.

☆ Diageo CEO Menezes to retire after nearly a decade in role
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: 1 min

March 28 (Reuters) - Diageo (DGE.L) said on Tuesday that Chief Executive Ivan Menezes will retire and leave the Johnnie Walker whisky maker at the end of June, after nearly a decade at the helm. Menezes will be replaced as CEO by Chief Operating Officer (COO) Debra Crew, who will also join the board, Diageo said in a statement. Crew, who took on the role of COO last October, was previously president of Diageo North America and Global Supply from 2020, the company said. Menezes joined Diageo after the merger of Guinness plc and Grand Metropolitan plc in 1997 and has held a number of senior positions in the business, Diageo said. Reporting by Yadarisa Shabong in Bengaluru; editing by Savio D'Souza and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Johnnie Walker maker Diageo appoints Debra Crew CEO
▼ + stars: | 2023-03-28 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —One of the world’s largest alcoholic drinks companies has appointed its first female CEO. Diageo, which makes Guinness beer and Johnnie Walker whisky, said Tuesday that chief operating officer Debra Crew would succeed Ivan Menezes, who will retire from the company after 10 years at the helm. Diageo is the seventh-largest member of the FTSE 100 (UKX) index and will now become the largest UK-listed company led by a woman. There are just nine other FTSE 100 (UKX) companies led by women, including pharmaceutical company GlaxoSmithKline (GLAXF) and bank NatWest. Diageo is the world’s fourth biggest alcoholic drinks company by market value, after AB InBev (BUD) and China’s Wuliangye Yibin and Kweichow Moutai.

☆ Are we on the brink of a corporate credit crisis?
▼ + stars: | 2023-02-13 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

Economists at S&P Global Ratings forecast that speculative-grade (perceived to have a lower level of credit quality compared to more highly rated, investment-grade, companies) corporate default rates in the US and Europe will double this year alone. So are we on the brink of a corporate credit crisis? Before the Bell spoke with Ruth Yang, managing director and global head of thought leadership at S&P Global Ratings to discuss what lies ahead for the corporate credit market. Before the Bell: What’s your big picture view of the credit economy right now? There will be slower growth with thinner margins and that’s going to change how people look at their investment opportunities.

☆ Cheers! Spirits like gin, vodka, overtake beer's U.S. market share
▼ + stars: | 2023-02-09 | by ( Jessica Dinapoli | Thomson Reuters | New York-Based Reporter Covering U.S. Consumer Products Spanning Paper Towels To Packaged Food | ) www.reuters.com time to read: +2 min

Spirits like whiskey, cognac and tequila, a celebrity favorite, have surpassed beer's U.S. market share for the first time due to price hikes and high-end cocktail trends, according to the Distilled Spirits Council of the United States. U.S. sales for spirits totaled $37.58 billion last year, while beers like Anheuser-Busch inbev SA's (ABI.BR) Bud Lite tallied $37.46 billion, according to data compiled by the Distilled Spirits Council. Spirits' market share was 42.1%, while beer's was 41.9%, according to the data. Tequila and ready-to-drink canned cocktails including Constellation Brands Inc's (STZ.N) Fresca vodka spritz were among the fastest-growing types of spirits, the Distilled Spirits Council said. "The 'premiumization' trend, where people look at distilled spirits as an affordable luxury, is affirmed by these numbers," said Chris Swonger, CEO of the Distilled Spirits Council.

☆ Bernstein upgrades Diageo, says spirits giant can rally nearly 30%
▼ + stars: | 2023-02-06 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

He also hiked his price target on the company's U.S.-listed shares to $225 from $215. The U.S. spirits market broadly experienced exceptional growth during the Covid lockdown era, from which it has started to come down. Further potential headwinds include a recession in Europe, normalization in the U.S. spirits market after the pandemic boom, and a CEO handoff likely in the later half of the year. However, Stirling remains optimistic about the company's outlook. Diageo's U.S.-listed shares are down slightly year to date.

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