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Guinness maker Diageo reports weaker third quarter sales as Asia declines





GUINNESS maker Diageo has reported an unexpected 1.3pc drop in sales blaming weakness in emerging markets.

Our performance reflects the challenging environment we are operating in,” Ivan Menezes, who became chief executive officer last year, said in the statement. “In the emerging markets, currency volatility and caution about the outlook for GDP growth are negatively impacting business and consumer confidence.” The company is committed to margin expansion, it added.

The company has made several acquisitions in emerging markets over the past couple of years but growth has slowed.

Diageo offered the equivalent of $1.9bn for India’s United Spirits in a bid to expand into the world’s biggest whiskey market.

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