finance.yahoo.com

Diageo cuts jobs as program targets nearly $1B in cost savings

Diageo logoDiageo
Sig4.25Sen-2.35Env0.00Soc-4.60Gov-0.90

Diageo launched a program to lower operating costs by nearly $1 billion over the next three years, aiming to fund growth and brand investment while also reducing prices on some products. Revenues fell 2% to $19.6 billion and operating profit dropped 27% to $3.2 billion, hit by $900 million in restructuring charges and a $1.5 billion impairment tied to Turkey. The restructuring is expected to cost $1.2 billion, with severance costs rising to $514 million.

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