Diageo organic sales blow past estimates on strong U.S. demand

Spirits group Diageo on Thursday reported a better-than-expected rise in organic net sales growth for the full year, boosted by higher prices and retailer restocking in North America.

Organic net sales for the maker of Johnnie Walker whisky and Tanqueray Gin rose 16% for the year ended June 30, higher than the 13.7% analysts had expected, according to company-supplied estimates.

The company also said it expects the organic net sales momentum to continue into fiscal 2022, but with some "near-term volatility to remain."