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November 28, 2023
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Drop in Latin American drinking prompts Diageo to issue profits warning

Shares fall in world’s largest spririts company as consumers seek cheaper brands

The Guinness to Johnnie Walker drinks maker Diageo has issued a profit warning as a result of cash-strapped customers in Latin America and the Caribbean consuming less alcohol and seeking cheaper brands.

Shares in the world’s largest spirits company plunged more than 11% in early trading on Friday, making it the biggest faller in the FTSE 100, as investors worried that the trend in the region might spread to other markets.

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