Shares in Diageo fell 0.7%, or 8p, to £11.35, after the world's largest drinks group said trading in Southern Europe was weaker.
The producer of Guinness beer and Smirnoff vodka said first-quarter sales rose 5% to £2.06bn, as expected, mostly driven by growth in Asia Pacific.
"'The year has started as we thought it would with a fragile economic and consumer environment in the developed markets and stronger consumer demand in the developing markets," chief executive Paul Walsh said in a statement.
The company said it is going through a "challenging trading environment" in Greece and Spain, both facing high unemployment and rising borrowing costs.
Northern Europe and Russia delivered "good" sales growth, the company said.
