Treasury Wine (TWE) CEO Tim Ford confident in growth despite risk of global recession

Treasury Wine Estates, maker of Penfolds, believes its brand strength will help it reach its fiscal 2023 performance goals despite rising costs and a bleak global economic outlook.

Treasury Wine chief Tim Ford said demand for both fine and premium wines was consistent across the company’s key markets, with trading conditions, earnings and inflation forecast for the first quarter of the fiscal year. said it was in line with

This is despite growing risks that the US is headed for recession and warnings of a sharp slowdown in China. Treasury Department’s Jim Chalmers warns of ‘significant deterioration’ in global growth prospects.

“We will continue to monitor the consumer and trading environment closely, and the strength of our brand portfolio, the category’s historic resilience to past economic downturns, and the flexibility of our business model make us well-positioned to handle any change. Ford said it plans to speak at the company’s annual shareholder meeting in Melbourne on Tuesday.

In fiscal 2023, the global wine company works toward long-term growth goals, with strategic priorities “remaining largely unchanged.”

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Ford has outlined a continued focus on investments in technology and innovation, as well as merger and acquisition opportunities to build a stable brand for the company.

Treasury Wine expects first-quarter earnings to be in line with expectations and “strong growth” for the full year.

“After two years of significant change, we are confident that we are on the absolutely right path towards realizing our strategy for 2025 and our ambition to become the most admired premium wine company in the world. We are entering fiscal year 2023.”