Australia's Treasury Wine Estates Ltd said it may spin off the prestigious Penfolds label and shrink its low-end 'commercial' division in the ...
SYDNEY: Australia's Treasury Wine Estates said it may spin off the prestigious Penfolds label and shrink its low-end"commercial" division in the United States as it seeks ways to grow profit amid upheaval brought by the COVID-19 crisis.
Penfolds generated about 10 per cent of Treasury's sales volume but more than half its earnings, added the company which posted a net profit of A$211.4 million in the six months to Dec 31. Whether and when to carve out the top-shelf label would depend on market conditions once the coronavirus outbreak was contained, it said.
Even before the coronavirus pandemic effectively froze the social life of half the world's population, weighing on wine sales in restaurants and bars, Treasury reported that competitive pressure was dragging on its growth in the United States.
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