Diageo Volumes And Profits Hit By Increased Price-Sensitivity

The world's top two spirits producers, Diageo and Pernod Ricard, have both reported lacklustre sales for the first half of their fiscal years. In the six months through to the end of December Diageo reported a like-for-like sales decline of 2% while Pernod Ricard registered a like-for-like decline of 3%. Both firms reported an improvement in the final three months of the year, which can be partly explained by an easier comparison period, with the fourth quarter of 2008 marred by the extreme turbulence in the world's financial markets. However, Diageo's CEO Paul Walsh suggested that while there had been

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