<strong>SAM HART </strong>CHARLES STANLEY<br /> The first quarter organic net sales decline of six per cent was weaker than expected. Destocking in North America appears to have persisted for longer than anticipated. Reassuringly, however, full year guidance for low single digit growth in organic operating profit has been maintained.<br /><br /><strong>RICHARD HUNTER </strong> HARGREAVES LANSDOWN<br /> The update is slightly disappointing. Diageo is viewed as a defensive stock, but the North American market has been under a lot of pressure. The drop in share price will probably move it back to a buy, however. Management have said they will stick to guidance, indicating that there shouldn’t be further falls.<br /><br /><strong>IAN SHACKLETON </strong>NOMURA<br /> I don’t think there are any surprises – I think the market became overly excited about Diageo’s first quarter results. The knock-back in the share price means it could potentially move to a “buy”. Spirits are usually the last to be affected in the recession, and are last coming out.