Treasury Wine Slashes Forecasts Amid Ongoing Challenges in China and the US Market

Penfolds’ owner, Treasury Wine Estates, has announced that it is withdrawing its full-year profit guidance and halting a $200 million share buyback due to disappointing sales figures for its Penfolds brand in China. Additionally, the company is facing complications related to a distributor transition in California.

This warning coincides with a significant leadership change as CEO Tim Ford stepped down on September 30. The company has appointed a new CEO, Sam Fischer, who will begin his role on October 27. The current challenges highlight the difficulties the company is facing in critical markets, particularly China, which is a pivotal region for its operations.

As concerns grow about the company’s performance, stakeholders will be closely monitoring how these developments impact Treasury Wine Estates moving forward.

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