Treasury Wine Estates Limited (TSRYF) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for standing by and welcome to the Treasury Wine Estates fiscal year 2024 half year results. All participants are in a listen only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the start key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Tim Ford, Managing Director and Chief Executive Officer. Please go ahead, sir. Good morning, everyone. Thanks for joining us for our half-year results briefing. With me here in Melbourne is Stuart Boxer and Pete Nielsen. Ben Dollard's in California, and Tom King is in Paris, in France, and I'm sure he'll explain why as we get through his part of the... conversation today. I'm pleased to announce the results today for the first half of fiscal 24. It's a period where our group performance was broadly in line with expectations and reflective of the continued strengthening of our luxury wine portfolio and the strong consumer demand that still exists around the world for luxury brands. There's no question, though, that it is a challenging operating environment with pretty competitive market dynamics, but I'm pleased with our underlying operating performance, in particular the dynamic way in which our teams are managing this environment and evolving our business, focused on continued execution of our strategy, which we remain very confident will support our long-term growth ambitions. From a numbers point of view, EBITS declined 6.5% to $289.8 million and EBITS margin declined 2.9 percentage points to 22.6%, which reflects our deliberate approach to the phasing of Penfold's Bin and Icon shipments across the year in order to retain flexibility in our global distribution and pricing models ...