The California winemaker Robert Mondavi Corp yesterday reaffirmed its belief that it would meet its end of year earnings per share targets, while it expects revenues to grow by some 5% on figures from the previous year.

Earnings per share are expected to be between US$1.80 and US$1.95 for the fiscal 2004.

Mondavi chief executive and president Gregory Evans addressed a Banc of America Securities conference in San Francisco and also said that the company expects an increase in gross margin in its fiscal year 2004 of between 300 and 350 basis points to a range of 41% to 42%.

However these targets compare to the low levels in 2003, which were hot by a wine glut that drove wine retail prices down.