Consumer
Treasury Wines Reports Net Loss as Revenue Misses Expectations
A bottle of Penfolds Grange 2009 vintage, produced by Treasury Wine Estates Ltd., at the company's headquarters in Melbourne, Australia.
Photographer: Carla Gottgens/Bloomberg
Treasury Wine Estates Ltd.’s new chief executive officer said he is making progress to restore the fortunes of the Australian vintner, after the company posted its biggest half-yearly loss since going public in 2011.
Sam Fischer, who took the reins in October, said he is optimistic about the luxury wine sector and the Penfolds maker’s moves to improve its bottom line. Those include reducing third-party trade into China and stepping into new markets, such as appealing to younger consumers.