From Fortune:

Diageo saw a sharp decline in revenue from Latin America and the Caribbean in the first half of its latest fiscal year. This is due to falling sales of whiskey and tequila. The region made up 11% of the company’s net sales in 2023, but is now the source of an inventory pile-up. Downtrading is also affecting sales, with the premium Casamigos tequila brand, acquired from George Clooney, seeing a 14% drop in sales. The group’s shares dropped by 3.5% following the announcement, as Diageo struggles through the year with continued challenges.



Read more: Diageo suffering inventory hangover as profits decline on Latin American drinks pile-up