Delayed shipment hits Diageo growth
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.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies