VIDEO: Chinese Abstinence Hits Drinks Firms Diageo, Remy

By Martinne Geller LONDON (Reuters) – China’s crackdown on corruption, and with it luxury gift-giving, has again hit quarterly sales of spirits, European drinks groups Diageo Plc and Remy Cointreau SA said on Thursday. In contrast, brewer SABMiller Plc said sales of lager in the last three months jumped 10 percent by volume in China, one of the markets that helped the maker of Peroni and Grolsch beers post a 6 percent rise in net sales by value, up from a 2 percent rise the previous quarter. “We see this as a solid result in tough market conditions,” said Numis Securities analyst Wyn Ellis. …

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