Treasury Wine Estates reports net sales revenue fell 3.6% (1.1% organic), but net profit after tax rose 5.3%.
Penfolds reports a significant decline in shipments to Mainland China was partly offset by continued strength in a number of global markets and channels. Penfolds continues to attract new consumers and grow distribution and availability, globally, with NSR and EBITS outside of Mainland China increasing by 45% and 25% respectively on a constant currency basis. In Asian markets outside of Mainland China NSR grew 106%, supported by strong depletion trends in multiple markets led by consumer demand and channel penetration.
Treasury Americas reported the priority brand portfolio continued to perform strongly with NSR increasing 15% in the year on a constant currency basis, led by standout growth from Beringer, Stags’ Leap, Matua and 19 Crimes. Following the completion of significant changes in brand portfolio and asset base, including the acquisition of Frank Family Vineyards, Treasury Americas has been repositioned as a premium wine business with a focused portfolio of growing brands.
“Relentless execution of our F22 priorities resulted in strong operating and financial performance in each of our brand portfolio divisions. Pleasingly, we have returned to delivering margin accretive earnings growth in a year where we managed through the effective closure of the Mainland China market, materially reshaped our Treasury Americas division and navigated a global macroeconomic backdrop that included the global pandemic, significant supply chain disruptions and inflationary cost pressures. The results we have announced today reflect the fundamental strengths of our diversified global business, the flexibility of our operating model and the outstanding execution capability of our teams," said Tim Ford, CEO.
"After two years of significant change, we enter F23 with momentum, focused on our objectives of delivering quality earnings growth, efficient capital utilization and sustainable shareholder returns. Our recent track record of successfully adapting our business to deliver growth, despite a number of challenges, gives me great confidence in the fundamental strengths of our business and our capability to navigate future challenges and uncertainty.”