Having completed its "reset year," fiscal 2016 marks the first time in some years that Treasury Wine Estates is not playing defense. TWE chief Mike Clarke said during the company's earnings call last night that the organization has finally transformed from being shipment focused (sales to distributors), dependent on the fourth quarter boost, with a finite amount of reliable brands and supply sources, to a company that is depletion focused (sales to retailers), has good momentum all year long with a broader portfolio and diversified supply options.