DIAGEO sales slipped during the last quarter, driven by a sharp decline in its Latin American market, it was revealed yesterday.
The world’s largest spirits maker saw sales in the region slump by over 10 per cent in the three months ending 31 March compared to the same period last year. The company blamed currency fluctuations for the decline, which contributed to an overall fall of 0.7 per cent in sales.
Asia Pacific was also a source of disappointment, with sales down six per cent in the region. Domestically the company fared little better, with sales volumes in the UK in “a high single digit decline.”
One bright spot was Africa, where the company reflected the success of rival SABmiller to record an eight per cent increase in volumes, with Nigeria standing out as a growth market for Orijin beer. Guinness also had double digit growth as it became increasing popular across the continent.
Shares in Diageo fell by 2.7 per cent yesterday to close at 1,914.71.