Treasury Wine Estates (TWE) delivered double-digit net sales revenue growth in the fiscal first quarter compared to the year-ago period, thanks to Penfolds’ strong momentum in Asia and Australia.
The wine producer said its performance in China is in line with forecast, including through the mid-autumn festival period.
Meanwhile, the company anticipates the performance of its Treasury Americas luxury portfolio to accelerate starting in the fiscal second quarter for the key holiday season.
The remainder of its global portfolio performs in line with expectations.
TWE continues to expect earnings before interest and taxes (EBIT) of $780 million to $810 million for the full fiscal year to be driven by its luxury portfolio’s strong momentum.
The company expects low double-digit EBIT growth for its Penfolds brand for the full fiscal year.
