Diageo has slashed its workforce by more than 6% as part of a cost-cutting blitz under new CEO Dave Lewis, with further layoffs expected by September 1. The company's annual report revealed an average of 27,938 full-time employees by the end of June, down from 29,860 a year earlier. The cuts are part of a program to lower operating costs by nearly $1 billion over three years, with savings earmarked for growth initiatives such as price reductions and expansion in canned cocktails and Guinness. Diageo's revenues fell 2% organically to $19.6 billion for the year ending June 30, while operating profits dropped 27% to $3.2 billion, hit by $900 million in restructuring charges and a $1.5 billion impairment in Turkey. The company also abandoned its medium-term growth target of 5% to 7% in favor of a low-single-digit outlook, as North American sales declined 8.4% in fiscal 2026.
Diageo PLCDiageo's cost-cutting drive includes layoffs, restructuring charges, and lowered growth outlook, reflecting financial strain.
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