AUSTRALIA: Foster’s details wine plans
Foster's Group has outlined plans for its wine business going forward. At the company's annual general meeting today (25 October), Foster's president and CEO, Trevor O'Hoy highlighted the "disappointing" performance of Beringer Blass.
"(Some) aspects of the group's performance in recent times have been disappointing," O'Hoy told shareholders. "In particular, we have not yet been able to leverage the full potential of the Beringer acquisition."
"In terms of revenue growth initiatives," O'Hoy continued, "the plans to increase brand spend, reinvigorate some of our core US brands, expand the Wolf Blass international platform and build secondary brands are in place.
"A major advertising campaign for the Beringer brand is on track to commence in November," he added.
"We expect FY05 to be somewhat of a recovery year for our wine business, as brand marketing support is returned to normal levels," O'Hoy concluded. "However, as per our previous guidance, we expect FY06 earnings growth to return to around the 10% mark."
The brewing and wine company's operations are trading to plan in the first quarter, O'Hoy said.
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