Global Demand Rising, But Sales Down For Treasury Wine
Global Demand Rising, But Sales Down For Treasury Wine
Aug 22, 2011 6
(Dow Jones)--The world is getting thirstier for wine, the chief executive of one of the world's largest wine makers, Treasury Wine Estates Ltd. (TWE.AU), said Monday, even as the company reported a 6.6% drop in sales volumes in its annual accounts.
"Demand for wine globally continues to increase in most of our key markets," David Dearie told analysts after the company reported its first annual results since demerging from Australia's biggest beer brewer, Foster's Group Ltd. (FGL.AU), in May.
Treasury Wine was split from Foster's after its performance had suffered over a number of years from subdued consumer demand, a high Australian dollar, and grape oversupplies.
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