US Sales Weak for World’s Biggest Spirits Maker

By Epoch Times Staff
Epoch Times Staff
Epoch Times Staff
August 26, 2010 Updated: August 26, 2010

Diageo Plc, the world’s biggest spirits, alcohol, and beer maker, said that its annual profits increased 1.5 percent on strong sales in emerging markets. The maker of Smirnoff, Guinness, Johnnie Walker, and Captain Morgan said that Latin America sales were strong, while sales were lackluster in North America, which accounts for almost 40 percent of the group’s sales. Sales in North American markets declined 3 percent.

“Our performance in the developing markets drove overall growth while markets in North America and Europe remained weak,” said Chief Executive Paul Walsh. “The impact of the global economic crisis varied by market and the strength of the recovery appears to be equally variable.” The company is not planning any share buybacks at this time.