Diageo targeting improved sales in western Europe in fiscal H2, but any increase will be small, says company's president of European operations
April 2, 2012
– The president of Diageo Plc’s European operations said that the company is targeting improved sales in western Europe in the fiscal second half of the year ending June 30, but any increase would be small, Dow Jones Newswires reported April 2.
European operations president Andrew Morgan said Diageo still has declining sales in western Europe and while the company hopes to see some improvement in the next six months, it won’t be a lot.
It will be a couple of years before sales in western Europe grow on a "sustainable basis," as weak economic conditions, particularly in southern Europe, continue to hit demand across the region, Morgan said.
Last February, Diageo posted a 3% drop in western Europe sales year-on-year in the six months to end December, wiping out effects of acquisitions, disposals and currency movements.
The primary source of this article is Dow Jones Newswires, New York, New York, on April 2, 2012.