Diageo reports net sales growth across all regions at start of FY 2023
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Spirits maker Diageo got off to a good start in its 2023 fiscal year, reporting organic net sales growth across all regions ahead of its annual general meeting.
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Nevertheless, the company anticipated the operating environment would remain "challenging" and volatile due to the geopolitical uncertainty, weaker consumer spend, price pressures and the disruptions from Covid-19.
Even so, Diageo boss, Ivan Menezes, expressed confidence in the business's resilience and management's ability to cope.
He also believed that Diageo was still well-positioned to reach organic net sales growth "consistently" in the range of 5-7.0% across FY2023-25 and organic operating profit growth of 6-9.0%.