Treasury Wine Estates has sold its non-core commercial brand portfolio in the US, offloading 12 brands comprising of one million cases of wine.
Treasury said the divestment – part of its efforts to streamline its portfolio and boost margins – will have no impact on earnings in fiscal 2016 and beyond.
Treasury also reiterated its 2015/2016 earnings guidance to be between $330 million and $340 million, driven by continued momentum across all regions.
This news follows last week’s announcement of the launch of The Stag tier of wines in Australia by historic Victorian winemaker St Huberts, representing the first major innovation under the TWE’s Regional Gems strategy.
The Stag Chardonnay and The Stag Shiraz are were made with grapes sourced from winemaking regions across the state.
According to TWE MD for Australia and New Zealand (ANZ), Angus McPherson, The Stag launch is one of the most important innovations for the Regional Gems portfolio this year, and demonstrates the Company’s commitment to focusing on the growth opportunities for these iconic wines from Australia.
“When we announced the Regional Gem Strategy in February, we committed to reinvigorating a number of our treasured regional wines that have strong heritage and winemaking pedigree, but have not yet realised their potential. The Stag launch is a direct result of this strategy and the focus we’ve been able to give this portfolio through a dedicated team,” McPherson said.
The new Stag Chardonnay and The Stag Shiraz will be available at national and independent retailers across Australia from early July with an RRP of $19.99.
