September 20, 2018 / 6:16 AM / 2 months ago

Emerging market turbulence to hit Diageo sales, profit

Sept 20 (Reuters) - The world’s biggest spirits company Diageo Plc expects this year’s sell-off of some emerging market currencies to knock 175 million pounds off net sales and 45 million off its full-year profits, the company said on Thursday.

In recent weeks, we have experienced some increased emerging market foreign exchange volatility, which has been partially offset by a strengthening of the dollar,” Chief Executive Ivan Menezes said in an update ahead of its 2018 meeting of shareholders.

“Based on current rates we currently expect exchange to have a negative impact on net sales of 175 million pounds and a negative impact on operating profit of 45 million pounds for the fiscal year.” (Writing by Patrick Graham; Editing by Chris Peters)

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