Treasure Wines Estates has suffered an embarrassing downturn in their operations in North America. It’s strong push into the market has not lived up to expectations and has resulted in the company having to destroy over $35 million worth of stock as well provide discounts of over $40 million to move other inventory. The company has attributed it’s issues to carrying too much inventory in the region and will use this write down to re-adjust it’s stock levels.
The company, which owns Penfolds, Wolf Blass and Beringer, are trying to rework their strategy in the US and reset their overly ambitious sales targets. The company will remain focused on the market as it is a crucial growth area for the company as the projected growth of wine consumption in the US over the next decade is in the vicinity of over 50%.
The company aims to also improve it’s performance by improving it’s warehousing and logistics.
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