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Diageo sales fall by 9pc

DIAGEO, the world's largest spirits maker, posted weaker-than-expected earnings yesterday, hurt by a slowdown in China and volatility in other emerging markets.

Over the past year, the maker of Guinness has grappled with a host of issues in emerging markets - including currency devaluations, a tax increase on a beer in Kenya and a steep fall in sales of Chinese baiju spirit due to government-enforced austerity measures.

Net sales fell 9pc to £10.3bn (€13bn). Diageo brands also include Smirnoff and Baileys.