Treasury Wine Estates profit falls on lower US sales By Reuters

© Reuters. FILE PHOTO: Bottles of Penfolds Grange, a Treasury Wine Estates brand, on sale at a wine shop in Sydney, Australia, August 4, 2014. REUTERS/David Gray/File Photo

(Reuters) – Australia’s Treasury Wine Estates (OTC:) reported a 3.3% fall in annual profit on Tuesday, mainly hurt by a decline in wine sales in the United States.

A decline in shipment of premium products and low availability of luxury wines pressured sales at the Treasury America segment, the largest contributor to the winemaker’s revenue.

The Melbourne-headquartered company also said on Tuesday it had appointed John Mullen as chairman, who will succeed Paul Rayner.

The company reported a net profit after tax of A$254.5 million for the year ended June 30, compared with A$263.2 million a year earlier.

It declared a final dividend of 17 Australian cents per share, compared with 16 cents last year.

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