Diageo Blames Consumer Environment for Net Sales Drop

Dear Client:The big story today is that Diageo’s organic net sales dropped -6% in the three months ended September 30. This dip was reportedly more than what some analysts expected but chief Paul Walsh pointed to the tough consumer environment: “As we anticipated consumer trends across our markets remain broadly unchanged since the year-end,” he said in a statement. As a result, net sales declined considerably from the same period in 2008 when Diageo was doing quite well. Diageo shares