Foster’s Stumbles in the U.S.

As expected, Foster’s wine business underperformed in fiscal 2008, but its beer unit “remains robust” and generated solid earnings. Recall that things came to a head in June when Foster’s ceo Trevor O’Hoy unexpectedly resigned and the company issued a $700 million write-down of its global wine business.Foster’s acting ceo Ian Johnston and chairman David Crawford both said the wine results did not meet expectations and were unacceptable. David admitted the company underestimated some things, such as currency, when it