Treasury Wine Estates has again fended off calls to sell its US business amid a drop in sales and steep decline in operating profits for the first half of its financial year.
Net sales for the six months to the end of December fell by 7.6% versus the previous year, to A$811.9m, Treasury said, also announcing Michael Clarke - earlier of Kraft Foods and Coca-Cola Co - as its new chief executive.Operating profits slid by 37.6% to $45.8m, which did small to allay repeated calls from some analysts for the wine producer to offload its troublesome business in the US.Excess supplies of unsold wine in the US hampered Treasury in its last fiscal year and profits in the Americas business fell by 46% for the its most recent half-year, largely because the group cut wine shipments to drain stock in the US. China added to the firm's woes. The group said it saw a 'significant decline
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