A Guinness branded-pump at a pub in south-west London. Diageo, the world’s biggest spirits group, owns Guinness. FILE
By Reuters
Diageo, the world's biggest distilled spirits
company, said net sales growth had slowed in the latest period, hurt by
weakness in China, Thailand and Nigeria.
The maker of Johnnie Walker whisky, Smirnoff vodka
and Guinness beer reported a 1.8 per cent rise in sales for the first
half of its fiscal year, following a rise of 2.2 per cent in the first
quarter.
A Chinese government crackdown on gift-giving and
personal spending by civil servants has hammered sales of spirits like
cognac and high-end baiju, eroding sales for Diageo and its rivals,
Pernod Ricard and Remy Cointreau.
But compared with its French rivals, Diageo has
the benefit of a broad geographic footprint, following the purchase of
local drinks firms in places like Turkey, Brazil and India.
In the six months ended December 31, net sales
rose 4.6 per cent in North America and 1.3 per cent in emerging markets.
Sales fell 1 per cent in western Europe.
Earnings before items were 62.6 pence per share.
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