0853 GMT - Diageo's 1H performance was satisfactory and likely exceeded market expectations, with signs of stabilization as sales were up by 1% and profits down by 1%, Quilter Cheviot's Chris Beckett says. Diageo's decision to remove medium-term guidance of 5%-7% organic sales growth might upset some investors. However, this move is acceptable given that the target was laid during the pandemic--when demand for alcohol was exceptionally high--and unrealistic given the current environment, Beckett writes in a note. Additionally, the owner of Johnnie Walker, Guinness and Smirnoff seems to be effectively managing its significant debt, given that the dividend remained unchanged amid concerns of a potential cut, Beckett says. Diageo's 2H performance is likely to be similar if U.S. tariffs are not imposed, he adds. Shares are down 3.3% and nearly 20% over the last 52 weeks. (michael.susin@wsj.com)
(END) Dow Jones Newswires
February 04, 2025 03:53 ET (08:53 GMT)
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