TWE to Cut Volumes in Half in the US, Focus on Premium Brands

Dear Client: Treasury Wine Estates ended its fiscal year with net sales revenue down 6.4% globally due to the impact of COVID-19 and challenging US wine market conditions. Last month, the company provided a preview of its preliminary fiscal year 2020 performance as well as a strategic update [see WSD 07-09-2020], and last night provided more detail on their plans for the US market.  In the Americas, net sales revenues were down 11.6% and volumes were down 11.4% for the fiscal year. In