AUSTRALIA: Southcorp pushes through price rises
Australian wine group Southcorp has raised prices for many of its premium brands reversing its controversial aggressive promotional spending and discounting. The discounting, with the consequent shaved profit margins, was said to be a major factor in the four profit downgrades over two years, which resulted in the axing of chief executive Keith Lambert. Ironically the price rises were in the pipeline before Lambert's departure was announced.
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