Sherwood News

Guinness keeps proving its pulling power

The Irish beer is a pot of gold for drinks giant Diageo

7/31/24 10:11AM

Diageo — the company behind brands like Johnnie Walker, Smirnoff, and Casamigos — just reported some dispiriting results, with organic net sales declining 0.6% for the full year to June 30 on the back of its worst quarter since the start of the pandemic.

Though the company pointed to economic stress as a reason for consumers spending less on booze, Diageo’s struggles also fit into the broader picture of people cutting down on alcohol more generally, while the no-lo-alcohol market continues to thrive.

Even within Diageo, non-alcoholic beverages saw an upturn. Guinness 0.0, a 0% version of the popular Irish stout, looked particularly strong, with net sales and volumes more than doubling in fiscal 2023. In fact, Guinness on the whole remained a rare bright spot in the company’s gloomy sales figures.

Goodness, Guinness

Reported net sales of Guinness rose 6% last year, driving much of the observed 18% growth in overall beer sales for Diageo. While growth has slowed from the 30% figure seen in the wake of the pandemic — when purists raced back out to enjoy a 'perfectly poured' draft Guinness again — the black stuff still holds its firm position in the Diageo drinks cabinet, with sales up 27% in Europe and a growing legion of female fans.

The 265-year-old drink has been having a moment since bars and pubs reopened: there's been a rise in online “Guinnfluencers”; the brand's logo has graced the runways of Milan Fashion Week; and a host of stars from Kim Kardashian and Olivia Rodrigo to Kate Middleton have flouted their love for the Irish stout.

Drink me, I’m Irish: There is still one green-letter occasion where Guinness is consistently picked up… Google Trends shows that March is the most popular month for “guinness” search queries.

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American Airlines joins the flock, hiking bag fees amid higher jet fuel prices

American Airlines on Thursday announced that it, too, will be hiking the fees it charges customers to check luggage.

With the move, all four of the major US airlines, which together control about 80% of the US market, have now hiked their baggage fees in recent days amid surging jet fuel prices.

The change will go into effect on tickets bought on or after Thursday, the same day Southwest’s hike begins.

Since late March, JetBlue, Delta Air Lines, United Airlines, Canada’s WestJet, and Southwest have hiked their fees. Experts expect more major carriers to follow, and to potentially tweak the pricing of other ancillary revenue sources like seat assignments and carry-on luggage.

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The change will go into effect on tickets bought on or after Thursday, the same day Southwest’s hike begins.

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Less than a year after implementing them, Southwest is also hiking its bag fees

Southwest Airlines has joined the growing list of airlines opting to hike their bag fees amid sustained higher jet fuel costs.

Starting today, the first checked bag at the carrier — which implemented bag fees less than a year ago — will jump from $35 to $45, and the second from $45 to $55. Southwest quietly disclosed the change Tuesday.

Southwest assigned the decision to “part of an ongoing analysis of the business and against the evolving global backdrop.”

As of Wednesday, jet fuel prices dropped to $4.16 a gallon, per the Argus US Jet Fuel Index, down from $4.81 on Tuesday following President Trump’s ceasefire announcement, which sent travel stocks soaring. Major airlines have shed some of those gains in premarket trading Thursday.

With the move to hike bag fees, Southwest joins JetBlue, United Airlines, Delta Air Lines, and Canada’s WestJet, all of which also boosted fees this month. Experts expect more major carriers to follow, and to potentially tweak the pricing of other ancillary revenue sources like seat assignments and carry-on luggage.

Three US airlines have already hiked baggage fees. More are likely on the way.