Clouds clear for a Treasury Wine harvest

Competition from Asian consumers, French crop failures... the good-time glut is over for American drinkers and, with a falling Aussie, the supply-demand equation is finally improving for Treasury Wine Estates.

At face value the Treasury Wine Estates result didn’t look too flash, with reported earnings halving as a result of the write-offs flowing from the decision to get rid of excess inventory in its US distribution system. There is, however, quite a lot occurring within the business and the markets in which it operates for David Dearie to be starting to get excited about.

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