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Australian wine oversupply a problem.
(From Off Licence News)
Oversupply of cheap Australian wine continues to affect the UK market adversely, according to drinks giant Constellation Brands.
President and chief executive Rob Sands said in a statement issued around the quarterly profits announcement: "We are continuing our efforts in the UK to mitigate the impact of the lingering Australian wine surplus in the marketplace and to maximise profitability." The US company has reported an 11 per cent boost in net profits for the three months to Nov 30, 2007. Constellation, which owns top-selling brands including Hardys, Kumala and Stowells, said net sales for branded wine in Europe had increased by 4 per cent, including a "slight increase in net sales for the UK".
The branded wine market in the UK continues to be tough becaue of "competitive challenges and continued pricing pressure", Constellation added in its statement. Fortune Brands' wine business, which Constellation ...
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