Global drinks brand Diageo posted disappointing sales for the first half on Thursday, after a slump in Asia Pacific, but the CEO insisted that the business was "solid" in developed markets.
The world's biggest spirit maker, which owns brands such as Johnnie Walker, Captain Morgan, Baileys and Guinness, reported that net sales fell 1 percent to £5.9 billion ($8.9 billion) in the six months to December 31 – the company's fiscal first half. Analysts polled by Reuters had expected revenue of £6 billion.
Sales slipped 4 percent in Europe and a slowdown in emerging markets saw sales tank 39 percent in the Asia Pacific region.
But Ivan Menezes, chief executive officer of Diageo, told CNBC Europe's "Squawk Box" that the results were "solid" and showed that the business had momentum.