Our enthusiasm for beer continues to buoy profits at Foster’s, with bottom-line annual profit up a staggering 282.3% to $438.3 million.
The growth in beer, cider and spirits sales has partially offset the struggling wine operations, where a GFC-related decrease in demand and the company’s exit from the cask market have had an impact.
Revenue from pre-mixed spirits was down 24%, following the government’s tax increase on alcopops.
Foster’s expects it will take two years to lift and sustain performance at a new level, as a transformation agenda yields greater efficiency.
ASX Code: FGL
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For more on this news story:
- The Australian: “Foster’s tops up profit on thirst for beer”
- The Herald-Sun: “Bottoms up as Foster’s beer bubbles”
Tags: alcopops, annual profit, ASX News, fosters, GFC, retail sector
