Blog: Diageo takes a tumble
Olly Wehring | 14 October 2009
Shares in Diageo had dipped by nearly 3% on the London Stock Exchange by early this afternoon, following the drinks giant's trading update.
Shares slipped after Diageo said like-for-like net sales were down 6% in the first quarter of its fiscal year.
Despite a strong comparative quarter last year, the performance was worse than expected by several analysts.
Analyst group Sanford C Bernstein said in a note today: "This compares to SCBe and consensus estimates of -3%. This is significantly worse than the implied organic growth rate of -1% in Q4 FY09."
Shares in the group were down 1.5% on the New York Stock Exchange this afternoon.
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