Latest news with #Penfolds
West Australian
2 days ago
- Business
- West Australian
Penfolds owner Treasury Wine Estates loses California distributor, downgrades full-year earnings
Penfolds owner Treasury Wine Estates will be scrambling to find a new path into the Californian market after its local distributor announced it will cease operations later this year. The sudden decision by Republic National Distributing Company to cease operations in California from September will be a serious blow for the wine maker, with the shuttered distributor responsible for about 25 per cent of TWE's sales for its Americas division and 10 per cent of total group sales. In an update to the Australian Securities Exchange on Tuesday, TWE also blamed weaker consumer demand and economic uncertainty in the US for downgrading its full-year earnings forecast. The company said these factors were impacting the wine category performance at price points below $US15 ($23) a bottle. TWE is also behind brands Wynn's, Pepperjack, Squealing Pig and the Snoop Dogg-backed 19 Crimes. TWE now expects earnings for the 2025 financial year to hit at about $770 million, having previously guided around $780m. 'TWE has begun evaluating alternative distribution arrangements for its portfolio in California to determine an appropriate path forward,' the company said. 'As the leading luxury wine supplier in the US market, TWE is confident that its history working with an extensive network of US distributors, combined with its proven experience in effectively managing distributor changes . . . positions the company strongly to transition to a new route to market in California in the near-term.' The loss of the Californian distributor will pose as a major challenge for incoming TWE chief Sam Fischer, who last month was poached from alcohol giant Lion, behind popular beer brand XXXX. TWE shares closed up 0.5 per cent to $8.14 on Tuesday.
AU Financial Review
2 days ago
- Business
- AU Financial Review
Can the Murray cod finally hook Australia an aquaculture giant?
For a country that was built on the sheep's back, it is passing strange that there aren't any true agribusiness giants on the ASX. Treasury Wine Estates perhaps comes closest with its premium brand, Penfolds, although even that is increasingly produced in China and France. There are plenty of contenders. The Australian Financial Review reported earlier this year that the billionaire behind medical imaging software business Pro Medicus had spent years buying up fish and oyster plays in the hope of recreating the success of the two big salmon producers – Huon Aquaculture and Tassal – once listed on the ASX and now in the hands of Brazil's JBS and Canada's Cooke Seafood respectively.
Time Out
6 days ago
- Business
- Time Out
Sneak peek: Australia's ‘cleanest' airport just got a luxe new business class lounge
Flying out of Adelaide just got a whole lot fancier – well, at least for travellers with a hunk of frequent flyer points (or cash to burn). This month, Qantas unveiled its first domestic business lounge at Adelaide Airport, which was recently named the world's sixth cleanest airport for 2025. It's the airline's first all-new domestic business lounge since Melbourne in 2018, and possibly its most luxurious yet. Let's take a look inside. The signature offering of the new lounge is its sleek Market Kitchen, featuring a live cooking station inspired by Adelaide Central Market and producers across the state. Here, guests can order rotating dishes created by Qantas' Food and Beverage Director Neil Perry – think Skala Bakery pie floaters loaded with gravy and peas; lamb cutlets topped with chutney; or a hearty roast veggie paella. Lighter snacks are also available, designed by South Australian culinary treasure, Maggie Beer, alongside a standard buffet spread featuring local cheeses, charcuterie, bread and condiments from the likes of Barossa Fine Foods, Marino, Balfours and Udder Delights. Naturally, the lounge champions South Australia's world-class regional wines, pouring top drops from the likes of The Lane Vineyard, Penfolds and Torbreck. Open from midday, the bar also serves up a signature Adelaide Hills G&T, plus a non-alcoholic Maggie Beer sparkling ruby cabernet. The spirit of South Australia also shines in the lounge's decor, which takes inspiration from three of the state's most iconic locations: the Adelaide Botanic Garden, Adelaide Central Market and Kangaroo Island 's Flinders Chase National Park. These landscapes are portrayed through earthy green and light brown furniture, clay-red tiles in the buffet area and bathrooms, and a stunning blown-glass light installation by JamFactory. Whether you're in work or business mode, the lounge caters to every kind of traveller with a mix of solo nooks and social spaces. It has capacity for up to 190 guests, with 80 per cent of the seats equipped with power stations, including USB-A/C and wireless charging mats. Talk about high-tech! Access to Qantas' new Adelaide domestic business lounge is complimentary for Business Class passengers and Gold or Platinum Frequent Flyers. But if you're eager to experience the high life, you can also score access with the airline's new low-cost subscription models.
Yahoo
15-05-2025
- Business
- Yahoo
Treasury Wine Estates snaps up new CEO from Lion
Australian wine major Treasury Wine Estates (TWE) has named Sam Fischer, current chief executive at local beer and spirits group Lion, as its new CEO and managing director. Fischer will succeed outgoing CEO Tim Ford, who took up the role in 2020. In a stock exchange filing, the Penfolds brand owner said the appointment follows a "succession planning" process which included a 'comprehensive global search'. Fischer will take up the position on 27 October, subject to receipt of regulatory approvals. Meanwhile, Ford will remain in the role until 30 September to 'ensure a smooth transition', the company said. TWE chairman John Mullen said: 'Tim has led TWE during a period of significant change and will be known for his courage in setting bold ambitions, leading to the delivery of significantly strengthened financial performance. 'As CEO, Tim has stewarded the company through the pandemic, the application and removal of tariffs on Australian wine into China and the transformation of the business to its divisional operating model, led by Penfolds.' Fischer has over three decades of experience in the global alcoholic beverages, consumer goods, and luxury brand sectors. At Lion, which is owned by Japan's Kirin Group, Fischer has overseen beer, wine, spirits, and ready-to-drink operations across Australia, New Zealand, and the US, the statement said. Before joining Lion, Fischer worked for 15 years at UK-based spirits giant Diageo, in roles including president of Asia Pacific and global travel president and as a member of the Diageo global executive committee. Earlier in his career, he also held management positions at Colgate Palmolive in Southeast Asia and Eastern Europe. He has also served as a non-executive director at Burberry Group since 2019. Mullen added: 'Sam brings proven CEO credentials, exceptional strategic acumen, and deep expertise in alcohol beverages, consumer goods and luxury brand building, accompanied by a strong track record of driving business growth. 'Having assessed a highly competitive field of candidates, the Board and I firmly believe that Sam is the right person to lead TWE into its next era of growth and performance.' Fischer said TWE has 'enviable portfolio of brands, global footprint, strong luxury-led strategy and highly talented team'. He added that in the new role, he aims to 'build on the excellent foundations to lead the next phase of TWE's exciting evolution.' Fischer joins TWE following the company's announcement of a profit warning earlier this year. At the time, the group said it expected roughly A$780m ($498.1m) in EBITS for its fiscal 2025, which is the lower end of its former $780m to $810m guidance range. The move was 'driven primarily by reduced expectations for Treasury Premium Brands', the group said in the statement. In its first half, TWE's Treasury Premium Brands business saw its EBITS fall 29.9% to A$23m, while EBITS margin dropped 5.3ppts to 6.4%. The declines were driven by 'softness in consumer demand for wine at lower price points', the company said. It also pointed to an 'underperformance relative to the category and the cycling of a A$9.7m gain on sale of divested vineyard assets in the pcp [previous corresponding period]'. TWE reported net sales revenue of A$1.5bn ($963m) in the period, an increase of 20.2% compared to last year. The rise was driven by 'strong' growth in its 'luxury' portfolio, particularly Penfolds, and contributions from its acquisition of Daou Vineyards which closed in December 2023. Alongside the release of its first-half results, the group also announced it had decided not to offload its portfolio of 'commercial' wine brands after failing to bag a satisfactory offer. It said the offers it had received for the range, which includes Wolf Blass and Yellowglen wines, 'did not represent compelling value and therefore their retention is the best course of action'. The 19 Crimes producer revealed its intention to sell the wines in August, following a review of 'the future operating model for its global portfolio of premium brands'. In December, TWE struck a deal to buy a 75% stake in Ningxia Stone & Moon Winery for 130m yuan ($18m). The wine major said the deal, completed in March, fit its strategy of 'investing in luxury vineyard and production assets to support the growth of its luxury-wine portfolio'. In its results for full-year fiscal 2024, net sales revenue rose 13.1% to A$2.73bn, but net profit after tax fell 61.1% to A$98.9m. EBITS was up 12.8% to A$658.1m on the year prior, while total volumes on a reported and constant-currency basis declined 1% to 21.9 million nine-litre cases. "Treasury Wine Estates snaps up new CEO from Lion" was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Sydney Morning Herald
15-05-2025
- Business
- Sydney Morning Herald
ASX rises for seventh day in a row as banks, tech shares rally
The laggards Treasury Wine Estates, the maker of Penfolds wines, fell 5.2 per cent after it announced chief executive Tim Ford would step down later this year, ending a five-year stint in the role. He will be replaced by Sam Fischer, the chief executive of New Zealand drinks producer Lion. Loading Lendlease fell 1.6 per cent after the Australian property giant said it was in the late stages of inking a 50/50 joint venture with King Charles' property company The Crown Estate, in the United Kingdom. The $3.8 billion ASX-listed property developer responded to media speculation on Thursday saying it was in negotiations with the King's company over six projects that are part of its UK development portfolio. A slide in iron ore prices sent big miners lower. Fortescue fell 1.1 per cent while BHP slumped 0.7 per cent and Rio Tinto fell 0.4 per cent. The lowdown As investors await a potential interest rate cut next week, the Australian Bureau of Statistics on Thursday said the unemployment rate was unchanged at 4.1 per cent in April, while the number of employed people shot up by 89,000 in the month, beating the market's expectations. The number of unemployed people also increased by 6000 in the month. The Australian dollar strengthened slightly after the result, and was trading at US64.40¢ at 4.52pm AEST. Economists believe the strength of the labour market will be a key influence on how deeply the Reserve Bank cuts interest rates, with markets tipping a likely cut next week. Senior APAC economist for Capital Economics Abhijit Surya said the ABS data suggested the labour market remained 'very tight'. While he tipped a rate cut from the Reserve Bank of Australia (RBA) next week, the research house argues the central bank will only cut the cash rate to a low point of 3.6 per cent this cycle – which is higher than what most economists expect. 'With the labour market going from strength to strength, we're more convinced than ever that the RBA will be reluctant to cut rates aggressively,' Surya said. On Wall Street, a choppy day of trading ended with a mixed finish for stock indexes on Wednesday, as gains by several big technology stocks helped temper losses. Loading The S&P 500 edged up 0.1 per cent after wavering between small gains and losses much of the day. Most of the stocks in the index lost ground, but solid gains for several heavyweight technology companies such as Nvidia helped counter a decline in healthcare and other sectors. The Dow Jones slipped 0.2 per cent, while the Nasdaq composite rose 0.7 per cent. Super Micro Computer surged 15.7 per cent after signing a partnership agreement with Saudi Arabian data centre company DataVolt. Advanced Micro Devices gained 4.7 per cent after announcing a $US6 billion ($9.3 billion) stock buyback program. Nvidia rose 4.2 per cent and Google parent Alphabet added 3.7 per cent. Other big gainers included eToro Group, a retail trading platform for stocks and cryptocurrency. It rose 28.8 per cent in its first day of trading. The market has been relatively steady since its surge on Monday, which came after the US and China entered a 90-day pause in their trade war. The market gained some more ground on Tuesday after the government reported that inflation unexpectedly cooled across the country in April. Additional updates on inflation and retail sales are expected on Thursday. The benchmark S&P 500 Index, which sits at the centre many 401(k) accounts, has erased all its losses since US President Donald Trump escalated his global trade war in early April. It has now also erased its losses for the year and is back to within 4.1 per cent of its all-time high set in February.
