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Foster's troubled US wine strategy

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Really Nice!

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FOSTER'S Group expressed renewed faith yesterday in its troubled US wine strategy despite an "unacceptable" one-third drop in earnings from the wine division and confirmation it would be another two years until profit growth picked up...

...Returns from the traditional beer business have been overshadowed by the travails of the wine division, which is battling the wine glut, the emergence of extreme-value wines and Foster's management lethargy in reacting to changes in the sector...

...After a sweeping wine review, the company is addressing the situation with a number of strategies, including more promotion and advertising.

Mr O'Hoy said there were indications of improvement in the market such as better bulk wine prices, a slow rise in the price of extreme-value wines and the likelihood that the 2004 Californian vintage might be down by at least 10 per cent.

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I refuse to spend my life worrying about what I eat. There is no pleasure worth forgoing just for an extra three years in the geriatric ward. --John Mortimera

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