LONDON—Diageo PLC reported a surge in annual sales and profit, buoyed by a recovery in trade at bars and restaurants as well as drinkers’ growing taste for the booze giant’s high-end spirits despite surging inflation.
The owner of Smirnoff vodka and Guinness beer said Thursday it hasn’t yet seen any signs that drinkers are trading down to cheaper brands, indicating that while consumers are pulling back in some areas they are still willing to pay for high-end alcohol.