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Half Year 2020 Treasury Wine Estates Ltd Earnings Call Transcript
Ladies and gentlemen, thank you for standing by, and welcome to the Treasury Wine Estates F '20 Half Year Results. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Mr. Michael Clarke. Thank you. Please go ahead.
Good morning, and thank you for joining Treasury Wine Estate's Fiscal 2020 Interim Results Briefing. Joining me today is Tim Ford, our Chief Operating Officer; and Matt Young, our Chief Financial Officer.
I'd like to start the call today with a conclusion. We slightly missed H1 EBITS versus our expectations, and based on our revised full year forecast, our growth rate in F '20 will be less than previously guided. This is driven primarily by a miss in our U.S. results due to: firstly, unexpected changes in our U.S. leadership resulting in a loss of execution momentum through H1 that will carry into H2; secondly, U.S. market dynamics being that all
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