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13/07/2001
DIAGEO FIGURES SHOW BURGER KING LOSSES
GIANT drinks company Diageo have announced the release of their year-end trading update.
The report showed that the company’s premium drinks business, Guinness UDV, continued to perform strongly. However trading at Burger King is struggling, with worldwide comparable restaurant sales remaining negative. In addition, trading in Europe has been adversely affected by current consumer concerns about BSE and foot and mouth disease.
The management team are now reviewing all aspects of the organisation and are developing an appropriate strategy for the future of Burger King. This will give rise to one off costs, not expected to exceed £50 million.
Commenting on this trading update, Group Chief Executive Paul Walsh said: “Diageo’s focus is on premium drinks. Guinness UDV continues to perform strongly - in line with our expectations.
“Our most important brands and our most profitable markets are driving improving returns. As we build our consumer understanding we are delivering top line growth driven mainly by the performance of our global priority brands and continued success as we roll out our ready to drink portfolio.
“In the future, growth in premium drinks will drive Diageo’s growth in the same way as it has done in the year just ended.” (GB)
The report showed that the company’s premium drinks business, Guinness UDV, continued to perform strongly. However trading at Burger King is struggling, with worldwide comparable restaurant sales remaining negative. In addition, trading in Europe has been adversely affected by current consumer concerns about BSE and foot and mouth disease.
The management team are now reviewing all aspects of the organisation and are developing an appropriate strategy for the future of Burger King. This will give rise to one off costs, not expected to exceed £50 million.
Commenting on this trading update, Group Chief Executive Paul Walsh said: “Diageo’s focus is on premium drinks. Guinness UDV continues to perform strongly - in line with our expectations.
“Our most important brands and our most profitable markets are driving improving returns. As we build our consumer understanding we are delivering top line growth driven mainly by the performance of our global priority brands and continued success as we roll out our ready to drink portfolio.
“In the future, growth in premium drinks will drive Diageo’s growth in the same way as it has done in the year just ended.” (GB)
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