Shares of Diageo plc (NYSE: DEO) were losing ground Tuesday after the parent company of Johnnie Walker and other alcohol brands released preliminary full-year results for fiscal 2020.
What Happened: Diageo, the world's largest alcohol maker, said total net sales for the fiscal year were down 8.7% at 11.8 billion pounds ($15.4 billion).
Diageo CEO Ivan Menezes said in the release that the COVID-19 pandemic more than erased gains made in the first part of the year.
Diageo also owns iconic brands like Smirnoff vodka and Guinness beer.
The North American market recorded organic net sales growth of 2%, mostly from strong sales in grocery stores.
But this trend wasn't duplicated elsewhere, as Americans tend to consume more alcohol at home …
Full story available on Benzinga.com