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Treasury Wine Estates’ net profit declines amid lower sales

Treasury Wine Estates’ net profit dipped as revenue remained flat in the fiscal first half amid a decline in premium and commercial portfolio sales.

The liquor company’s net profit fell 11.4 per cent to $166.7 million while revenue stood at $1.28 billion.

Earnings before interest, tax, SGARA and material items plummeted 5.8 per cent to 289.8 million.

The Penfolds segment’s revenue increased 9.2 per cent to $448.1 million but Treasury Americas’ sales slid 4.3 per cent to $447.7 million. Treasury Premium Brands’ revenue went down 4.5 per cent to $388.5 million.

“Penfolds continue to perform and strengthen whilst Treasury Americas has made significant progress in reshaping its portfolio focus with continued growth of its luxury brands now supported by the acquisition of Daou in December,” said Tim Ford, CEO of Treasury Wine Estates.

“The premium wine category, whilst resilient, is highly competitive and we continue to innovate and invest to achieve the goal of outperforming the category and importantly attracting new customers to wine.”

Ford said the company is confident to achieve mid-high single-digit earnings for this fiscal year.

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