Spirits Giant Diageo Looking To Sell Its Beer Portfolio: Report

Diageo PLC DEO reportedly aims to divest its beer portfolio, excluding its flagship brand Guinness.

The company plans to sell beer brands, including Smithwick's, Kilkenny, and Harp Lager, based in Ireland, and Tusker in Kenya, among others, Reuters reported, citing Axios. 

The company's beer brands were a margin drag on the rest of the business, the report read.

Also Read: Shaking Things Up: Diageo Unit Guinness Nigeria Puts A Pause On Johnnie Walker Imports Amid Currency Woes

Last month, Diageo warned about weak H1 FY24 results, expecting slower growth in H1 FY24 than in H2 FY23 owing to a materially weaker performance outlook in Latin America and the Caribbean (LAC). 

For H2 FY24, DEO projected a gradual improvement in organic net sales and operating profit growth vs. H1 FY24.

Price Action: DEO shares are trading higher by 0.11% at $140.89 premarket on the last check Wednesday.

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