Diageo performance falls on emerging market weakness
LONDON, July 31
LONDON, July 31 (Reuters) - Diageo, the world's largest distilled drinks maker by sales, posted weaker-than-expected earnings and sales on Thursday, hurt by a slowdown in China and volatility in other emerging markets.
The maker of Johnnie Walker Scotch whisky, Smirnoff vodka and Guinness reported earnings of 95.5 pence per share before exceptional items for the full year ended June 30, down from 103.1 pence a year earlier and below analysts' forecasts for earnings around 97.74 pence.
Net sales fell 9 percent to 10.3 billion pounds(17.42 billion US dollar), while the average of analysts' forecasts was 10.5 billion pounds, according to Thomson Reuters data. (1 US dollar = 0.5912 British pound) (Reporting by Martinne Geller; Editing by Greg Mahlich and Jane Merriman)
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