TWE’s Volumes Improve with New Innovations and Price Readjustments

Treasury Wine Estates' case volumes in the Americas declined -1.5% in the first half of the year (6 months ended Dec 31). That might not sound great at first glance, but remember that volumes declined -11% in fiscal 2011, so the company is clearly seeing improvements. A problem in the past is that TWE did not promote to the extent that their competitors did. Meanwhile, net sales fell -2.4%. Shipments to distributors in the US were "broadly in-line" with depletions (sales to retail) and distributor inventories are at similar levels to the prior year.

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