Major winemaker Treasury Wine Estates has warned investors its performance in markets heavily impacted by the pandemic is running behind expectations as lockdowns and soaring case numbers continue to hinder sales.
He said this issue was particularly prevalent in the US, where re-openings were continuing at a “gradual pace”, slower than the company had anticipated. “While the momentum in these channels is slightly behind, we remain confident that as vaccination programs gain momentum and restrictions ease across these key premium and luxury wine sales channels that we are well-placed to execute our plans to deliver growth.”
Treasury has also seen, like many other retailers, significant disruption to its supply chain and logistics systems due to the pandemic. Mr Ford said shipping delays and container availability issues were becoming “more pronounced” and that he expected the challenges would be ongoing.
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