Wine revenues overtake beer at Foster's

International drinks group Foster’s reaped more from the sale of wine than it did from beer during its last financial year, figures show today.

The Melbourne-based group has “changed the face of Foster’s” with the acquisition of Californian wine business Beringer in late 2000.

That pushed wine revenues up 28% to AU$1.93bn (€1.1bn) and exceeded the stable beer showing of AU€1.78bn (€1.01bn).

It is the first time that Foster’s has achieved higher wine than beer sales.

Chief executive Ted Kunkel said the figures reflected the company’s new position as a global beverages business.

He added: “Fiscal 2002 was the year in which Foster’s had to stand-up and be counted, to demonstrate that its beer/wine strategy will deliver growth, cash and returns.

“This result clearly confirms Foster’s is on track and the group is gathering momentum.”