Guinness Owner Diageo Ups Savings As US Tariffs Hit

Sales of Guinness rose but overall drinks group Diageo saw revenues dip and profits tank as economic uncertainty weighs on consumers (Credit: AFP)

Diageo, the maker of Guinness stout and Smirnoff Vodka, reported Tuesday a sharp drop in annual net profit and raised its cost-savings targets as US tariffs hit.

Net profit tumbled 39 percent to $2.4 billion in its financial year to the end of June, compared with one year earlier, the British group said in an earnings statement just weeks after the sudden departure of chief executive Debra Crew.