LONDON—Diageo PLC, the world's largest producer of alcoholic drinks, said Thursday that sales rose 7 percent in the nine months ending March 31.
The maker of Guinness stout, Johnnie Walker whiskey and Smirnoff vodka said net sales growth was in line with results in the first half. It did not provide a specific sales figure in the brief trading update.
Chief Executive Paul Walsh said the company was maintaining its guidance for 9 percent growth in "organic operating profit" for the current fiscal year. The term typically applies to operating profit from businesses excluding those acquired or divested since a year ago.
The company said its share buyback program and payment of dividends had reduced its net assets from 4.2 billion pounds ($8.2 billion) on June 30 to 3.9 billion pounds on March 31.
Shore Capital's Andrew Blain said the third-quarter performance should reassure the market, given the fears over the U.S. economy. However, he added that there would be some disappointment with the lack of detail in the update.
The company's share price fell 1.3 percent to close at 1,028 pence ($20.18) in trading in London.
Diageo reports its results every six months and the interim management statement is a new regulatory requirement for the third-quarter. Blain said the company was clearly saying the bare minimum to satisfy the new requirement.
