First quarter sales growth for Diageo

Diageo has revealed organic growth in net sales of 5% in the first quarter of its new financial year, to September 30.

Sales broke the £2 billion for the quarter, up from £1.9 billion in the corresponding period last year.

Chief executive Paul Walsh said: “Our first quarter performance is in line with our expectations with good volume growth and a modest improvement in the level of price-mix.

“Northern Europe again delivered good net sales growth.

“Overall, however, the consumer environment in Europe is slightly weaker than we experienced in the prior year.

“The year has started as we thought it would with a fragile economic and consumer environment in the developed markets and stronger consumer demand in the developing markets.”