Fosters Group releases wine earnings target

Foster's Group releases wine earnings target

Foster's Group is seeking to achieve AUD84m (US$73.7m) in earnings before interest and tax from its Australian and New Zealand wine businesses in the current financial year.

Foster's was forced to release the figure after details of its earnings target were leaked from an internal company meeting yesterday (21 July).

"The number represents an internal management EBIT target for the Australia and New Zealand wine business for the 2011 financial year presented to an internal sales conference yesterday," Foster's said today.

The firm will publish figures on its fiscal year to the end of June on 24 August.

Details of the wine earnings target come 24 hours after Foster's announced that it would rebrand its global wine business as Treasury Wine Estates.

The move is part of the firm's preparations for a demerger of its beer and wine businesses.

For in-depth coverage of the Foster's demerger, click here.