Australia-based Treasury Wine Estates, which controls wine brands such as Penfolds and Wolf Blass, has reported earnings that exceed the estimates of market analysts for the six months finishing 31 December 2015 (H1 of its fiscal year), TheDrinksBusiness.com reports.
Preliminary assessments of unaudited earnings suggest they will be between A$140 and 150 million (approximately €90 million to €96 million). Market forecasters estimated that the figure would be lower than this, at about A$120 million (€77 million).
This strong performance owes to high revenue in Asia, and robust international wine sales. Its CEO, Michael Clark, said, "We benefited from increased shipments to the region ahead of Chinese New Year in February."
Analysts’ estimates for Treasury’s full-year earnings are between A$270 and A$290 million (€173 million to €186 million). Its H1 performance gives it a very realistic chance of meeting this.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Peter Donnelly. To subscribe to ESM: The European Supermarket Magazine, click here.
