Australia's Treasury Wine shares skid 25% after profit warning
Share:
(Reuters) - A profit warning by Australia's Treasury Wine Estates triggered a 25% tumble in the firm's shares on Wednesday as it announced a review of its U.S. operations amid stiff competition and changes to its Americas management team. The owner of the Penfolds wine label slashed its earnings outlook for 2020 late on Tuesday, saying business would be affected by aggressive discounting and higher promotional spending in the U.S., which it says has been flooded with cheaper wine. The Americas..