Diageo reports Q3 sales down 0.7% Diageo reports that in the nine months ended March 31, net sales declined 0.3% on an organic basis and were down 0.7% in the quarter, with volume down 1.7% in the nine month period and 0.8% in the quarter. In the nine month period reported net sales grew 4.6%. Acquisitions, principally United Spirits Limited, contributed GBP700M, partially offset by an adverse impact of currency movements of GBP298M and a reduction of GBP28M due to disposals. CEO Ivan Menezes commented: "Our performance in the quarter reflects continued tough conditions in the emerging markets and subdued consumer demand in some developed markets. However it also reflects the actions we have taken to ensure we are building a stronger business. Of key importance is that depletions continue to outpace shipments as we embed our sell out culture."