Diageo Soars as Sales Growth, Cost Cuts Offset Tariff Hit

Diageo Plc’s shares surged the most in nearly five years after the drinks maker said it expects to maintain sales growth this year and announced more cost cuts after the sudden exit of its chief executive officer.

The maker of Johnnie Walker whisky said Tuesday organic sales growth will likely match the 1.7% uplift of last year, which was slightly more than analysts expected. That was driven by pricing and volume growth, which the company attributed to robust demand from younger consumers.