Treasury Execs Flesh Out Wine Dump

Dear Client: Treasury Wine Estates has had to face several challenges in the US market in fiscal 2013. For the year ending June 22 TWE's value was down 2.6% and volumes were down 0.2%. The company shipped 15.4 million cases to the US (down 1.6%), while depletions (to retailers) were down 2.7% to 15 million cases. You may also recall that due to excess inventory the company recently announced it would be destroying about $33 million worth of wine that