TWE Provides Preview of F20 Results, Update on Strategic Initiatives

Dear Client: Ahead of its full year fiscal 2020 results next month, Treasury Wine Estates provided an update last night (this morning in Australia), including preliminary performance as well as an update on recently-announced strategic initiatives.  You may recall, in April the company announced that, following a strategic review, it would be looking into making some changes, including a potential demerger of its Penfolds business as well as reducing its commercial wine business, particularly in the US [see WSD 04-08-2020].