Diageo’s troubles in Latin America blindsided investors. They may have been hoping for fresh ideas from the new boss to steer the drinks giant through a stormy macroeconomic picture.
Debra Crew, chief executive since June, left sales targets untouched in her first capital markets day — the strategy for expanding products by country and flavour, as well as pushing more premium spirits, remains the same.
A lowering of adjusted profit growth guidance to be in line with sales, rather than between 6 and 9 per cent, was to reflect “a realistic and transparent view” of choppy trading conditions, Crew told investors.
The shares dropped another 3 per cent in the aftermath of the update, compounding last week’s sell-off. It left them down by almost a
