Q4 2023 Diageo PLC Trading Update Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Laurence Bruce Whyatt - Barclays Bank PLC, Research Division - Analyst : Three from me if that's okay. Just in terms of the medium-term guide coming out of -- you've got the 5%, 7% top line and then the organic profit in line in the medium term. But you also mentioned over the longer term, you do expect that to improve. Could you give any sort of time frame on that? Are we looking sort of 1 or 2 years of limited margin expansion and maybe expansion in a couple of years? Or is that simply due to inflation levels and as we expect inflation to drop to a more normal, say, 2%, 3% globally, that's when we'd start to expect the margin expansion to take place. Secondly, I was wondering if you could just talk us through really exactly what happened in October. Of course, you made your AGM statement back in September where presumably, things were performing a bit better. But clearly, something happened in October. And I was wondering if you could just sort of run us through precisely what that was. And then finally, on Lat Am. Within that region, are there any specific countries you'd call out that are performing better or worse than some of the others? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 10, 2023 / 8:00AM, DGE.L - Q4 2023 Diageo PLC Trading Update Call

Question: Laurence Bruce Whyatt - Barclays Bank PLC, Research Division - Analyst : Just coming back to Debra, your comment on Mexico. Do you think that's specifically a spirits comment? Or do you think that's an overall consumer comment?