Pints of Guinness are seen in a pub, in Dublin, Ireland March 20, 2023.
REUTERS/Clodagh Kilcoyne/File Photo Acquire Licensing RightsNov 10 (Reuters) - Johnnie Walker whisky maker Diageo (DGE.L) on Friday said it expected organic operating profit growth to decline in the first half of its current financial year due to "materially weaker" performance in Latin America and Caribbean.
"Macroeconomic pressures in the region are resulting in lower consumption and consumer downtrading," the world's biggest spirits company said in a statement.
Latin America and Caribbean makes up nearly 11% of the company's net sales, according to Diageo.
Sales in the region are now expected to decline by more than 20%, year-on-year, in the first half of fiscal 2024, the company added.
Persons:
Clodagh, Johnnie Walker, Eva Mathews, Rashmi
Organizations:
REUTERS, Diageo, Thomson
Locations:
Dublin, Ireland, America, Caribbean, Bengaluru