Treasury Wines reported an EBITS decline of 7% for 1H22. This fall in earnings was largely expected given brand divestments and the loss of earnings in China. The good news for the company is that it should see earnings growth from here. Higher margin channels should recover, grape prices are likely to fall and the acquisition of Frank Family Vineyards will contribute to earnings. The report includes a discussion about the company’s margin targets, inventory position and cost of grapes.