Company behind Guinness, Johnnie Walker and Smirnoff hit by political instability in Thailand and an anti-corruption crackdown on gift-giving by the Chinese government
Diageo reported a 1.3% decline in third-quarter organic net sales on Thursday, as volatility in emerging markets curbed demand for its alcoholic drinks.
The world’s largest spirits company, which generates 42% of its sales from developing economies, said currency and economic weakness hurt consumer confidence in many markets including Russia and South Africa.
(Source: The Guardian)