Treasury Wine lowers outlook, U.S. tactics, Australian fires threaten margins [Reuters]
TREASURY WINE EST S/ADR (TSRYY)
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Source: Reuters
Treasury Wine lowers outlook, U.S. tactics, Australian fires threaten margins (Reuters) - Australia’s Treasury Wine Estates ( TWE.AX ) on Tuesday lowered its fiscal 2020 and 2021 earnings expectations, citing pricing pressures and increased competition at its United States business. The impact of global trade disputes and severe weather and fires in Australia also threaten to erode margins. The owner of the Penfolds and Wolf Blass labels expects EBITS (earnings before interest, tax, and the agricultural reporting standard SGARA - self-generating and regenerating assets) growth of about 5% to 10% for 2020. That compares with an earlier range of 15% to 20%. Treasury blamed unexpected changes in its U.S. management team and higher costs from promotional activity in the U.S. market, where suppliers have moved surplus wine across the market at lower prices. Private label businesses generally source wine from third-party manufacturers, which they sell under their own brand - an increasing
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