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On a constant currency basis, wine earnings dropped 45.3 percent.
Total sales, including new stores, rose 9.7% on a constant currency basis to £1.2bn.
On a local currency basis, purchase volume increased less than 1percentt.
On a constant currency basis, revenues increased by 6.8percentnt.
International recorded music revenue was up 1.7% on a constant currency basis to $296m.
WMG's recorded music division grew 1.1% year on year on a constant currency basis to $550m.
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The company said operating income for the unit rose 76percentto to 213 million euros on a constant-currency basis.
I similarly document reductions in domestic funding costs, rises in order flow, and a widening of the cross-currency basis following QE announcements.
Abstract: A fundamental puzzle in international finance is the persistence of covered interest rate parity (CIP) deviations, also referred to as the cross-currency basis.
The analysts pointed to a small but significant rise in interbank rates like Libor and in cross-currency basis swaps, which companies use to borrow in different currencies.
Total sales for 2017 were $9.62 billion, 11percentt higher than the previous year on a constant-currency basis, the company reported.
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