TWE Growth Improves in H2, Benefiting from Premiumization Focus

Dear Client:   Treasury Wine Estates reported global net sales revenue decrease of 3.6% for the fiscal year ended June 30, reflecting the divestment of the US commercial portfolio, the impact of the "effective closure" of Mainland China to Australian wine, and reduced sales in Australia and the UK due to tough comps, said TWE chief Tim Ford on yesterday evening's earnings call. LUXURY WINE ACCOUNTS FOR MAJORITY OF TREASURY AMERICAS' REVENUES. "Treasury Americas is now repositioned as a premium and luxury-focused