Drinks giant Diageo sees share price slide after warning about sales in Caribbean and Latin America

LONDON (AP) — Spirits and beer giant Diageo saw billions wiped off its market value on Friday after it warned that a sharp slowdown in its business in Latin America and the Caribbean was hitting sales and potential profits. In early trading in London, the company’s share price was down by 14% after it told investors that it expects growth in the first half of the current financial year to be slower than the previous half-year. It blamed a “materially weaker” outlook in Latin America and the Caribbean as a result of “macroeconomic pressures” and customers downtrading to cheaper products. The region accounts for around 11% of Diageo’s total sales.