Latest news with #SamFischer
Yahoo
2 days ago
- Business
- Yahoo
Treasury Wine Estates cuts profit guidance on lower US shipments
Penfolds and Daou owner Treasury Wine Estates today (3 June) lowered its forecast for a closely-watched profit metric amid pressure on US sales. The Australian wine group said it expects its EBITS to be around A$770m in the financial year ending 30 June. Treasury Wine Estates' previous forecast was for EBITS to be 'approximately $780m', itself reset in February. The company said the new guidance was 'driven by lower-than-expected premium portfolio shipments in the US'. The Wolf Blass owner said 'economic uncertainty and weaker consumer demand' in the US has hit the performance of the 'wine category … at price points below US$15'. In a brief stock-exchange filing, Treasury Wine Estates provided a short statement on the decision by its distributor in California, Republic National Distributing Company (RNDC), to quit the Golden State in September. In the first half of the company's financial year, its sales through RNDC in California accounted for around 25% of the net sales revenue from its Americas division and approximately 10% of group net sales revenue. The group said RNDC's move would not affect its financial results in its current financial year. However, Treasury Wine Estates added: 'TWE has begun evaluating alternative distribution arrangements for its portfolio in California to determine an appropriate path forward. 'TWE's relationship with RNDC spans 25 US states, including California. The closure of RNDC's California operations is not expected to impact the remainder of its business, and RNDC has reiterated its commitment to investing behind and driving TWE's portfolio in the remaining 24 states.' Shares in Treasury Wine Estates closed up 0.49% at A$8.14. In October, Sam Fischer, chief executive at Australia-based beer and spirits group Lion, will become Treasury Wine Estates' new CEO and managing director. Fischer will succeed outgoing CEO Tim Ford, who took up the role in 2020. "Treasury Wine Estates cuts profit guidance on lower US shipments" 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. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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.
ABC News
26-05-2025
- Entertainment
- ABC News
Giant pop hits with chaotic lyrics, meet this week's feature artist
Emerging from Western Sydney, 22-year-old Sri-Lankan/Australian wordsmith Ama, is the latest voice breaking through the indie pop landscape. Loading Ama's passion to create a deeply emotional, raw and powerful story via her music first bloomed in her formative high school years before Ama began performing as a cover gigs at the age of 17. Those covers gigs are still a part of her live experience with her performing most nights of the week and honing her craft with a mixture of covers and originals. Whilst she loves to perform Ed Sheeran, the true inspiration in Ama's work come from Devon Again, Gracie Abrahams and Lizie McAlpine - influences which you'll hear shining through in her breakout single 'Employee'. Loading Ama places singular emphasis on meaningful songwriting. 'My way of storytelling is always consistent, but I go the extra mile with the concept of each song.' In 2023, with only three songs released, Ama ambitiously reached out on TikTok and Instagram with a callout to open for Sam Fischer, an early success that she says was manifested through pure force of will. 'Anything can happen if you want it bad enough.' Ama credits her connection to her online community as another driving source of inspiration to continue to release music. After many shows she would head straight to socials for hours on end where she would engage with fans and continue performing online. Ama's upcoming EP Julie's House explores the complexities of an online 'situationship.' Ama wanted to dedicate an entire project to the experience and while the relationship might not have been as deep as it felt, the connection was real and impactful. 'This person really saw me for who I was and inspired me a lot.' The EP navigates the emotional whiplash of wanting to meet in real life but coming to terms with another's reluctance. It's these lived experiences that make her relationship fuelled songwriting feel so earnest and raw as those moments transcend the songs to make paradoxically unique but relatable songs. Currently Ama is focused on building their catalogue and as her audience grows, so too do her ambitions but with a voice and songs like these we're confident they'll be shortly fulfilled AMA - on your triple j and Unearthed airwaves all this week or her Unearthed page.
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.
Business Recorder
15-05-2025
- Business
- Business Recorder
Australia shares fall ahead of local jobs data
Commodity stocks pulled Australian shares lower on Thursday, ahead of the local jobs data for April, which is being watched for clues into the domestic central bank's interest rate path. The S&P/ASX 200 index fell 0.2% to 8,266.6 by 0032 GMT. The benchmark had ended 0.1% higher on Wednesday. Domestic employment data for April, due later in the day, is among the Reserve Bank of Australia's (RBA) key indicators and could shape expectations for the bank's next move on rates. Australian employment had rebounded in March, recovering from a one-off dive the previous month. Swaps imply an 89.8% probability that the RBA will cut rates at its meeting on May 20. Meanwhile, the Aussie dollar fell 0.02% to A$0.64 against the U.S. dollar. Commodity shares led the decline on the local bourse. Gold stocks dropped 1.6%, tracking a fall in bullion prices as rising trade optimism lifted risk appetite. Gold miners Northern Star Resources and Genesis Minerals shed 1.7% and 1.6%, respectively. Energy stocks slipped 0.8% on the back of falling oil prices. Santos dipped 1.3%. Miners lost nearly 1%. BHP Group, Rio Tinto and Fortescue fell 0.8%, 1% and 0.8%, respectively. In company news, Treasury Wine Estates retreated 6.7% after it said Sam Fischer will take over as chief executive officer in October, succeeding Tim Ford. Meanwhile, Insurance Australia Group rose 2.9% after the company said it will buy The Royal Automobile Club of Western Australia's insurance business and enter a licensing agreement for A$1.35 billion ($868.3 million). Graincorp gained 7.6% after the agribusiness company reported a rise in its first-half results and upgraded its guidance for fiscal year 2025. New Zealand's benchmark S&P/NZX 50 index rose 0.1% to 12,790.01.
