India, Aug. 6 -- Shares of global spirits giant Diageo climbed nearly 10% on Thursday after the company unveiled a sweeping $1 billion cost-cutting and restructuring plan, easing investor concerns over its long-term growth outlook despite reporting weaker fiscal 2026 sales and a sharp decline in reported operating profit. The positive market reaction came after newly appointed CEO Dave Lewis outlined a multi-year turnaround strategy aimed at simplifying operations, improving efficiency, and restoring sustainable growth across the business.

FY2026 Sales Decline Reflects Weak Demand in Key Markets

For the fiscal year ended June 30, 2026, Diageo reported:

Organic net sales declined 2%

Reported net sales fell to $19.6 billion

Reported op...