โIโm energised by the opportunity to accelerate a transformation agenda to reshape TWE for its next era, leveraging these strong foundations. I look forward to providing our investors with updates on our progress over coming months.โ
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Penfolds, which makes up 60 per cent of Treasuryโs earnings, has seen poor sales growth for its โultra-luxuryโ division, with sales in China especially coming in below expectations. As a result, Treasury will reduce its inventory in the country by 400,000 cases, valued at $215 million.
In the companyโs Americas division, depletions โ which measure wine sold to consumers, rather than just distributors โ have been even more sluggish, falling 4.6 per cent for the year-to-date, with Treasury cutting 300,000 cases from its inventory.
Treasury has been looking for a new distributor in the US after a key player, Republic National Distributing Company, in June said it would stop operations in California from September. The company said negotiations were still ongoing.
