Diageo withdraws forecast, halts buyback programme [Reuters]
Diageo plc (DEO)
US:NYSE Investor Relations:
diageo.com/en/investors
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Source: Reuters
Diageo withdraws forecast, halts buyback programme (Reuters) - Diageo Plc, the world’s largest spirits maker, abandoned its annual forecast for sales and profit growth on Thursday, and suspended its 4.5 billion pound ($5.6) billion) share buyback programme in response to the coronavirus pandemic. The Johnnie Walker whisky maker is the latest company to pull its guidance as the closure of bars and restaurants around the world due to lockdowns imposed by governments hit its sales. 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. Its shares were, however, up 2.4% in early trade after the company said it would pay its interim dividend in April as planned. Diageo also said it was seeing a small pickup in sales in retail stores in the United States and Europe in recent weeks,
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