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Shares in Diageo sank after the Johnnie Walker whisky and Smirnoff vodka owner warned that sales and profit in the first half of its fiscal year would be weaker than expected.
The booze giant blamed a worsening macroeconomic environment in Latin America and the Caribbean, where it said consumers were drinking less and trading down to cheaper brands.
Diageo said it expects organic net sales in the region—which makes up about 11% of its revenue—to fall more than 20% on year in its first half, meaning the six months ending Dec. 31.
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