Delayed shipment hits Diageo growth

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The Independent Online

Diageo, the world's biggest spirits group, said a postponed duty-free shipment and a weak South Korean market hampered quarterly trading.

The duty-free shipment to the Asia-Pacific region, which accounts for 14 per cent of its sales, came in the following quarter. It was likely to have knocked 2 to 3 percentage points off growth, the Shore Capital analyst Phil Carroll said.

In the three months to the end of September the Guinness brewer saw net sales growth of 5 per cent, while volumes were up 2 per cent, despite Europe's sales being down 1 per cent on last year.