TREASURY Wine Estates chief executive David Dearie is confident that fresh promotional strategies and a management restructure will end the slide in US sales which the winemaker has suffered since 2009.
Treasury yesterday appointed Diageo executive Sandra LeDrew to oversee sales in the US market, The Australian Financial Review reports.
Recent figures show Treasury underperformed the US market in the 13 weeks to December 10 as the value of its sales fell 6 per cent, compared with a 4 per cent rise by the broader market.
A Citigroup report this week has also highlighted challenging conditions in the Australian market, with sales down 10.6 per cent in November, although prices rose 1.7 per cent. One of the worst performers has been its Rosemount label, with sales down 15 per cent in the past year. Sales of Lindemans and Penfolds rose 5 per cent each.
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