![]() ![]() Accolade has 50 wine brands including big names such as Hardy’s, St Hallett, Petaluma, Banrock Station, Grant Burge and Mud House. Accolade is planning to sell one of its most prestigious brands, House of Arras in Tasmania. The tough times in the lower-end of the wine market have also prompted Australia’s second-largest wine business, Accolade Wines, to undertake asset sales as its private equity owner The Carlyle Group battles substantial debt levels. ![]() “We’ve learnt from that and we’ll fix it,” he said on February 15.īut Mr Kierath said there was no sign of that happening in the past few weeks: “It is clear challenging conditions in the Americas remain with the planned 19 Crimes improvement not yet evident,” he said. Mr Ford in mid-February said the “execution” in the US market would improve for 19 Crimes, which also has a label featuring home cooking icon Martha Stewart. He has an “underweight” rating on Treasury Wine and a 12-month share price target of $10 on the stock. Treasury Wine generated EBITS of $308 million for the six months ended December 31.īarrenjoey analyst Tom Kierath said the full-year forecast for sales being down 2 to 3 per cent implied a sales decline of about 7 per cent in the June half. The company said on Thursday that it expected to produce earnings before interest, tax and the SGARA accounting standard and material items between $580 million to $590 million. That would enable more resources to be ploughed into the luxury end of the market and the Penfolds business. “With changing consumer preferences and a tightening economic environment in most major markets, we’re taking the opportunity to make changes in our business now,” he said. Mr Ford said the commercial wine category generally faced falling margins, with inflationary costs in packaging and transport adding to profit pressures. The group’s 19 Crimes label, which has American rapper Snoop Dogg as the face of the brand, is struggling to match the growth of the past year. The entry-level premium wines market in the United States is also showing signs of a further weakening as US consumers cut back. Shares in the company dropped 6.3 per cent to $11.96 on Thursday.Īmerican rapper Snoop Dogg has been front and centre of 19 Crimes brand - but sales are struggling now. The company warned on Thursday that overall sales across the entire group would be down by 2 to 3 per cent in 2022-23, with declines in the Treasury Premium Brands and the Treasury Americas business pulling the numbers down, offset partially by a continued solid performance from the Penfolds luxury wines division. That division includes major brands Wolf Blass, Lindemans, Squealing Pig, Pepperjack, Wynns, Seppelt and 19 Crimes. ![]() It may not be reproduced in any way whatsoever without Wm Morrisons Supermarkets Limited prior consent, nor without due acknowledgement.Treasury Wine Estates may pursue asset sales in a broad cost-cutting and restructuring push at its commercial wines business where sales have slipped faster than expected because of cost-of-living pressures on households.Ĭhief executive Tim Ford said on Thursday a major overhaul of the affordable Treasury Premium Brands business was accelerating, with the market dynamics only likely to worsen over the next year for wines priced at less than $15 per bottle. This data is supplied for personal use only. You should also note that the picture images show only our serving suggestions of how to prepare your food - all table accessories and additional items and/or ingredients pictured with the product you are purchasing are not included. Where this description contains a link to another party's website for further information about the product, please note that Wm Morrisons Supermarkets Limited has no control over and no liability for the contents of a 3rd party website. ![]() You should note that products and their ingredients are subject to change, so it is important you check the labels of products supplied in each delivery. While we have taken care in preparing this summary and believe it to be accurate, it is not a substitute for your reading of the product packaging and label prior to use. This page serves as a summary for information purposes only, and is designed to enhance your shopping experience on the website. ![]()
0 Comments
Leave a Reply. |