After H1 Setback, TWE “Focused on Regaining Momentum” in the US

Dear Client: Treasury Wine Estates released its first half earnings results two weeks ahead of schedule. TWE chief Mike Clarke—who will be retiring in fiscal 2021—said the early announcement is thanks to the fact they missed the mark on their previous guidance "driven primarily by underperformance in our US results in the first half and is expected to continue through the second half." In the Americas, net sales revenue was down 4.2%, driven by lower commercial volumes (which were down 11%) and