Diageo H1 Net Sales Increase To GBP5.2bn
Diageo has reported net sales of GBP5.2bn for the first half of fiscal 2010, up 3% compared to GBP5.06bn for the same period previous year. Operating profit for the period was GBP1.53bn, an decline of 6% compared to GBP1.63bn for the prior year period.
The company's North America segment's net sales decreased by GBP60m in the six months ended December 31,2009 to GBP1,695m, from GBP1,755m in the comparable prior period. Europe net sales decreased by GBP13m to GBP1.644bn from GBP1.66bn in the comparable period of 2008.
The International segment reported net sales for the period was increased by GBP165m to GBP1.40bn from GBP1.23bn in the comparable period of 2008. Asia Pacific segment reported net sales of GBP523m, an increase of GBP46m compared to from GBP477m in the comparable prior period.
Paul Walsh, chief executive of Diageo, said: As we had anticipated this was a challenging six months. The economic and consumer environment remained weak in many markets and we faced a difficult comparison against Q1 last year yet the second quarter did show a return to growth.
“In addition we reduced stock levels in all regions. While this had a negative impact on volume growth in the half, it positions us appropriately for the future. While pricing opportunities have been limited and the performance of our standard priced brands has been stronger than that of our premium priced brands, our diversity, through category and brand range and our wide geographic reach, means that overall price/mix has been maintained.”
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