1. Latest financial results from alcohol majors highlight the impact that the Covid-19 pandemic has had on the alcohol industry. 2. We place the spotlight on Diageo's latest results (full year 2020) and while alcohol sales and spending by consumers' turned negative in 2020 (driven primarily by the disruption to on-trade during lockdowns), Diageo has reported some bright spots within its portfolio, specifically premium brands, in the US. 3. We highlight three drivers that have ensured not only has some premium brands been shielded from the impact of Covid-19 lockdowns, but have actually thrived and grown in the 'stay at home environment'.
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