Diageo Improves Price/Mix in H1

Dear Client: The big takeaways from Diageo's first half results (6 months ended Dec 31)? Price mix improved as the company reduced promotional spend at the off-premise in the US. As a result, Diageo's spirits brands lost -1 share point. At the same time, Diageo increased marketing spend by 35% behind strategic spirits brands "to build the brand equity as we move away from promotional support," said chief Paul Walsh. In all, Diageo saw volumes grow 1% in the US