Diageo reports fall of 1.5% in Q1 sales

The world’s largest spirits company Diageo reported a fall in sales of 1.5% for the first quarter of the year on the back of currency devaluations and weakened demand in China.

While sales remained stable in Africa and up 0.1% in the North American market, demand in Asia-Pacific; Europe and Latin America fell.

The most significant fall was in the Asia-Pacific market, down 7.4%, where net sales in China continued to struggle as a result of government-enforced austerity measures cracking down on gift-giving among officials.