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Diageo, the maker of Johnnie Walker whisky and Smirnoff vodka, has issued a profit warning due to a sharp slowdown in its Latin America and Caribbean division, describing it as 'materially weaker'. The company now expects a more than 20% sales decline in FY24H1, a significant drop from the 20% growth seen in the previous year. Additionally, Diageo predicts a fall in organic profit for FY24H1 and a group sales growth lower than FY23H2. Despite these challenges, the company expects advertising and promotion expenses to grow more than sales in other regions. The warning has led to a sharp slide in Diageo's shares, with a 9.8% drop in value, a 11% decrease in its stock, and a 9.8% decrease in its $DEO and $DEO.L shares.
