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Diageo full-year sales flat

Reuters - UK Focus

LONDON, July 30 (Reuters) - Diageo (LSE: DGE.L - news) , the world's largest spirits company, posted flat full-year sales and weaker-than-expected earnings on Thursday, after grappling for months with problems such as wholesaler destocking and pricing pressure in vodka.

The London-based maker of Johnnie Walker whisky, Smirnoff vodka and Guinness beer said organic net sales growth in the full year ended 30 June was flat, as it was last year. Analysts on average were expecting sales growth of 0.2 percent, according to a consensus provided by the company.

Earnings per share before one-time items fell to 88.8 pence, from 95.5 pence a year earlier. That was below analysts' average estimate of 90.3 pence. The company blamed currency fluctuations. (Reporting by Martinne Geller; editing by David Clarke)