Diageo Shares Tumble After Guidance Cut
November 10 2023 - 4:07AM
Dow Jones News
By Michael Susin
Diageo shares had their worst one-day fall in more than three
years after the liquor maker cut its guidance for both the short
and medium term.
Shares at 0822 GMT were down 306 pence, or 9.4%, to 2,940
pence.
The company--which owns Johnnie Walker whisky and Tanqueray
gin--said in a unscheduled performance update on Friday that it
expects growth to slow in the first half of its fiscal year on the
back of a weaker performance in Latin America and Caribbean.
Although the company backed its medium-term sales growth target
of between 5% and 7%, Diageo currently expects operating profit to
grow broadly in line with organic net sales growth. This compares
with previously guided organic operating profit growth of 6% to 9%
a year.
The share price's slide dragged the blue-chip FTSE 100 index
into negative terrain in early trading.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
November 10, 2023 03:52 ET (08:52 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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