Diageo Sinks 9% As FTSE Firm Announces First Sales Drop Since 2020

Diageo's share price plunged after the drinks giant announced its first sales reversal since the depths of the Covid-19 pandemic. Net sales reversed to $20.3 billion during the 12 months to June, Diageo said, a 1.4% year on year reversal. This was "due to an unfavourable foreign exchange impact and organic net sales decline, partially offset by hyperinflation adjustments," it commented. Revenues were hammered by a disappointing performance in Diageo's Latin America and Caribbean (LAC) territory. Organic net ...