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Diageo shares have slipped 3% in early trading after the drinks giant failed to allay investor concerns over languishing alcohol sales in a crucial set of half-year results.
Diageo scrapped a long-held sales target, with the drinks giant blaming economic and political uncertainty in many of its key markets.
CEO Debra Crew said potential US tariffs on Mexico and Canada could “very well impact” Diageo’s momentum, with its tequila and Canadian whisky brands most likely to be affected.
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Morning update
Supermarkets gave some relief to shoppers in January as a step-up in promotions meant inflation slowed to 3.3% after several months of steady rises.
The raft of promotions meant shoppers were willing to spend more, with sales up 4.3%.
“Supermarkets were dishing out the discounts this new year, and consumers responded,” said Fraser McKevitt, head of retail and consumer insight at Kantar.
Asda bucked the trend, however, with sales down 5.2% in the 12 weeks to 26 January.
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