Johnnie Walker owner, Diageo, saw their operating profits decline 47.1% down to $2.7 billion in fiscal year 2020 due to COVID-19 and challenging trade conditions. Throughout the second half of the fiscal year ending on June 30, the company was forced to reduce costs, reallocate resources, and take further action to plan for the upcoming fiscal year.
“We are further enhancing our data analytics and technology tools to rapidly respond to local consumer and customer shifts triggered by the pandemic,” said Diageo CEO Ivan Menezes. “We have strengthened liquidity, giving us flexibility to continue to invest effectively in the business for the long term.”
Source: The Spirits Business, August 2020