TWE Done Pretending to Be Happy with Mediocre Distrib Performance

Treasury Wine Estates continued its transformation in the all-important Americas region for the fiscal year ended June. Shipments in the region declined 13% as a result of: its exit from lower margin commercial end of the category; inventory reduction from route-to-market changes; and the decision not to repeat the deep discounting model used in previous Q4 periods. The big focus out of the Americas this year is that TWE changed up 40% of its US distributor network earlier this year,