Diageo removes medium-term guidance on U.S. tariff uncertainty

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Diageo removes medium-term guidance on U.S. tariff uncertainty

Bottles of Diageo-owned Johnnie Walker Red Label whisky in a supermarket in Chelmsford, ***, on Tuesday, Jan. 28, 2025. 

Bloomberg | Getty Images

Spirits maker Diageo said Tuesday that it is taking measures to deal with the potential impact of U.S. tariffs and has removed its medium-term guidance due to macroeconomic and geopolitical uncertainty.

“We are taking a number of actions to mitigate the impact and disruption to our business that tariffs may cause, and we will also continue to engage with the U.S. administration on the broader impact that this will have on everyone supporting the U.S. hospitality industry, including consumers, employees, distributors, restaurants, bars and other retail outlets,” Diageo said in a statement accompanying its interim earnings.

The FTSE 100-listed company posted a 0.6% decline in first-half reported sales to $10.9 billion, coming in slightly ahead of the $10.7 billion estimated by analysts in an LSEG poll.

The drinks maker has come under pressure from investors amid falling sales, management changes, the rise of weight-loss drugs — which may be able to reduce alcohol consumption — and a broader trend toward low- and no-alcohol products.

This is a breaking news story and will be updated shortly.

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