TWE reaffirms earnings guidance
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Treasury Wine Estates (TWE) has reaffirmed earnings guidance for fiscal 2014 but warned of a challenging year ahead and a volatile Australian dollar.
In a statement to the Australian Securities Exchange ahead of its annual general meeting, TWE said it remains committed to an EBITS range of between $230 million and $250 million for the full year.
Earnings will be affected by depletion of excess stock in the United States, the volatile currency, and signs that consumer demand in China is softening, TWE said.
The group said it will focus on cost reduction, organisational efficiencies and investment in land acquisitions.
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