Foster's internal wine target leaks
Australian beer and wine maker Foster's Group Ltd (ASX:FGL) was forced to issue a clarifying note to the market after its internal earnings target was unintentionally revealed today.
Blaming a light-fingered interloper for the leak, the company said reports of a fiscal 2011 earnings target of $84 million for its Australian and New Zealand wine operations was for internal management consumption.
"Foster's notes media reports this morning of an internal earnings target of $84 million for its Australia and New Zealand wine business," the statement said.
"The number represents an internal management (earnings before interest and tax) EBIT target for the Australia and New Zealand wine business for the 2011 financial year presented to an internal sales conference yesterday."
A spokesman for the company said Foster's had held a media conference and photo opportunity on Wednesday, shortly after an internal management meeting during which it launched a renamed wine division.
"Some of the materials from that conference were still in the room, which is where that number was picked up from," the spokesman told AAP.
"Someone's picked up some conference material which has led to a media disclosure and hence our clarifying note."
The earnings target was for the use of internal management only, the spokesman said.
Foster's is due to issue financial reports for the year ended June 30, 2010, on August 24.