Distiller Diageo withdraws forecast, halts buyback programme in response to the coronavirus pandemic
), the world’s largest spirits maker, abandoned its annual forecast for sales and profit growth on Thursday, and suspended its 4.5 billion pound share buyback programme in response to the coronavirus pandemic.
Production facilities in many countries including India and in its key markets of Africa are closed, while in the United States - its biggest market - the closure of bars and restaurants in most states was impacting about 20% of its business there, the company said. Diageo also said it was seeing a small pickup in sales in retail stores in the United States and Europe in recent weeks, as more people drink at home. Online seller Naked Wines also said it was seeing a boost in business as Britons and Americans order more home deliveries. Consumption in mainland China was slowly recovering with the gradual opening of bars and restaurants, Diageo said in a statement, though global travel retail spending continued to be subdued.
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