Treasury Has Tough H1 but Sees Growth in Beringer and Luxury Brands

Dear Client: Treasury Wine Estates saw volumes decline -11.8% in the Americas and -13.2% in the United States, according to Foster's H1 earnings (6 months ended December 31). Volumes of Californian sourced wine declined -3.8% in the Americas, while Australian sourced wine fell -25.6%. Highlights came from Treasury's luxury brands and the re-launched Beringer brand. Why the soft numbers? Treasury said it's mainly due to "the discontinuation of loss making promotional programs, and also the ongoing problem of selling Australian