Diageo lifts profits on higher prices

By Agence France-Presse

Aug 03, 2023 12:17 am

LONDON: Alcoholic drinks giant Diageo, maker of Guinness stout, Smirnoff vodka and Johnnie Walker whisky, said on Tuesday that its annual net profit increased 15 percent as higher prices offset falling sales.

Faced with higher costs for raw materials, wages and other items as inflation soared, companies have for months hiked prices of goods and services.

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