By Aimee Look
Diageo's revenue rose in the third quarter of the fiscal year as the Guinness maker said it is working to revive lackluster drinks sales in North America.
The maker of Johnnie Walker whisky and Smirnoff vodka booked $4.48 billion in net sales for the third quarter, compared with $4.38 billion the same quarter in the previous fiscal year.
Overall organic net sales rose 0.3% on year in the three months through March 31. Analysts had expected organic net sales to drop 2.3% year-over-year, according to company-compiled estimates.
"North America remains our biggest challenge, where market conditions are soft and our offer needs to be more competitive. Actions are already under way to address this," Chief Executive Officer Dave Lewis said.
To counter Diageo's lagging spirits portfolio in the U.S., newly-installed CEO Lewis has hinted at potential options for resuscitation--such as tapping the growing popularity of ready-to-drink canned cocktails. The market needs time and investment to prosper, Lewis said at Diageo's half-year results in February.
Write to Aimee Look at aimee.look@wsj.com
(END) Dow Jones Newswires
05-06-26 0234ET
