DIAGEO EXPECTS A MERRY CHRISTMAS INDEED

Diageo is expected to do well over the holiday season in the U.S. with premiumization continuing to run strong. UBS analyst Melissa Earlam reports that despite some moderation of market growth in October, “we would be reluctant to extrapolate this as a slowdown given similar patterns of a weak October followed by a strong November in previous years.”All of Diageo’s premium spirits brands in the U.S. (Johnnie Walker, Smirnoff, Jose Cuervo, Don Julio, Captain Morgan and Baileys) are growing “very