By Carlo Martuscelli

Diageo PLC (DGE.LN) said Thursday that business is in line with expectations and backed its three-year outlook, but warned that it is experiencing some exchange-rate volatility in emerging markets.

The company said that the volatility is being partially offset by a strengthening dollar. But it still expects a hit to net sales of 175 million pounds ($230.1 million), and a hit to operating profit of GBP45 million for the fiscal year.

Organic net sales growth in fiscal 2019 is expected to be broadly in line with the last fiscal year, while organic operating margins are expected to grow by 175 basis points over three years ending in June 30, 2019--in line with guidance--the owner of the Smirnoff and Johnnie Walker brands said.

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

(END) Dow Jones Newswires

September 20, 2018 02:46 ET (06:46 GMT)

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