Drinks company Diageo today reported a 3% rise in quarterly organic net sales, as growth in the Americas offset a decline in western Europe.
Diageo said in the first quarter to September 30, that organic net sales rose 10.9% in Latin America and the Caribbean, 5.1% in North America, 1.3% in Africa, eastern Europe and Turkey and 0.6% in Asia Pacific.
Sales fell 1.1% in western Europe, and the maker of Guinness, Johnnie Walker whisky and Smirnoff vodka said it expects a low single digit net sales decline for the full year in the region.
At current exchange rates, the company said foreign exchange would hurt operating profit for the fiscal year ended in June 2014 by £165m.
On a reported basis, net sales were flat, due to the loss of the Jose Cuervo tequila brand, which Diageo stopped distributing earlier this year.
Sales volume rose just 0.6% in the three month period.