While still small, B2B sales grew strongly in the double digits in China last year despite difficult conditions out there, and we look for another strong year in 2023. Your next question comes from the line of Chasen Bender with Citigroup. So I think it might have been in that sort of a little bit of a logistic issue within Target. Do you like movies about food? We believe we're still compensating pay friendly and competitively compared to other companies. Our entry into small appliances was highlighted with air fryer. Robert Mondavi helped craft the image of Napa. This documentary has only a slight focus on the Sommeliers, trained wine experts. I appreciate that color. So the way it was designed before was that every time we grew, our variable costs grew just as much, so we couldn't capitalize on the growth in terms of bottom line. Adjusted EPS was lower due to lower sales volumes and margins mentioned above, coupled with a higher adjusted tax rate than in 2021. If you agree, well also use cookies to complement your viewing experience across Amazon video services as described in our Cookie Notice. [: Hulu] [No. Ultimately, wine is something of a time capsule, especially when you age it for a long time. The next question comes from the line of Linda Bolton-Weiser. While it's still early days, these initiatives help validate that our growth strategy to expand the consumer access to our products beyond the direction of distribution channel. Ian Cauble stays up the entire night studying flash cards as his stress level builds. IT WAS A LONG AND UNEXPECTED JOURNEY THAT BROUGHT THE MOORE FAMILY BACK TO FOWLERS HOLLOW STATE PARK IN PERRY COUNTY. [2] Directed by Jason Wise, a sequel, Somm: Into the Bottle, was released in 2015 and a third film, Somm 3, came out in October 2018. So we -- obviously, let me just start with the most important thing. window.__mirage2 = {petok:"g5SqSBq6JX9L5qmxeaIL7vmhwm4yl34a3h94kP.Nsco-1800-0"}; Our initiatives for 2023 in China include accelerating the digitalization trend to improve retention and productivity; new product launches such as casserole and cookware, on-the-move drinking bottles, and small appliances; B2B channel expansion, including e-commerce; and optimizing our cost structure and working capital to improve cash flow. We get to hear from some of the worlds top sommeliers about their favorite wine and food pairings. Crazy," Wire said. So it's -- obviously, it's a journey, and we're gonna continue to learn. Jean Trimbach shares his familys greatest wine, a bottle of 1962 Clos Sainte Hune with his son. When we exclude those write-downs, the write-down was over 70% of our pre-tax income. And again, this is one of our top priorities, to lower the inventory so we can untrap that cash. YORK. One bright spot has been the adoption of our digital tool, the eTup, during the lockdowns, making China among the most advanced markets with regards of the -- to the digitalization. We're learning from this success and are sharing best practices in many markets around the world, throughout this 2023. At Tupperware, we're looking to reduce single-use plastic anywhere we can. When everyone finally arrives in Dallas for the test, Dustin Wilson decides to room with another candidate named Sabato Sagaria, leaving Brian McClintic to room with Ian. Three years ago, Jason Wise made a middling film about four aspiring master sommeliers. By the end of the program, we expect to realize more than $60 million in annual cost savings. Rowald Hepp gingerly touches a pamphlet from 1492 in the library at Schloss Vollrads in Rheingau, Schloss Vollrads (in Rheingau, Germany) has been making wine since 1200 and has produced 800 vintages. Who is responsible for the wine program. Through the eyes of the worlds greatest somms and winemakers, 'Somm: Into the Bottle' raises the curtain on the seldom-seen world that surrounds the wine we drink by allowing viewers intimate access to the most accomplished sommeliers in the world, as well as to some of the most prestigious winemakers working today. For 2023, we are expecting some of our resin costs to go down as well as our supply chain logistics cost, in line with what you're seeing in other industries. But market conditions there remain uncertain. OK. And then just in terms of the tax rate also, if you could just -- obviously, this was an unusually high tax expense that you had in the fourth quarter. I was 13.' 'SOMM: Into the Bottle' brings viewers a rare and never before seen glimpse inside the private world of both famed and cult winemakers, such as Jean Louis Chave, Aubert de Villaine (Domaine Romanee-Conti), and Robert Mondavi. Please review the forward-looking statement disclosure on Page 5 of today's press release. WHAT? Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and Tupperware Brandswasn't one of them! Thank you very much. I believe on the pricing side, you've mentioned further price increases expected in '23. Jean, whose family has been making Trimbach wines for 13 generations, opens a very rare bottle of 1962 Clos Sainte Hune and shares it with his son. Viewers get to watch as some of the most storied bottles of wine are opened; in some cases less than a dozen are left in the world. As an Amazon Associate, we earn from qualifying purchases. When consumers have access to Tupperware products, they choose them. Got it. It seeks to render these men retroactively sane by showcasing the manifold wonders of wine. There was lots of spitting, a fair amount of machismo, some mishegoss, some tsuris, and a little bit of naches. Somm: Into the Bottle is now available via streaming and VOD. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. In the Ruinart Champagne cellar with chef de cave, Frdric Panaotis. BUT THE NAME WASNT RIGHT. It covers ten different chapters using ten different wines that are opened throughout the film. These were partially offset by strong performance in Korea, as Miguel highlighted earlier. While it is early days, we have already seen some favorable movement in those selling markets where we eliminated the virtual kits. During this call, we'll discuss certain non-GAAP measures, including those we refer to as normalized measures. We remain committed to rightsizing the business in further manufacturing and supply chain optimization. I'll pass it. Do you like movies? ), Throughout the chapters, some tics become apparent. Danish (Subtitled), Dutch (Subtitled), Finnish (Subtitled), French (Subtitled), German (Subtitled), Italian (Subtitled), Norwegian (Subtitled), Portuguese (Brazil) (Subtitled), Portuguese (Portugal) (Subtitled), Simplified Chinese (Subtitled), Spanish (Subtitled), Spanish (Spain) (Subtitled), Swedish (Subtitled), Traditional Chinese (Subtitled). [1] Directed by Jason Wise, it premiered at the Napa Valley Film Festival[2] and featured the main cast from the original SOMM film as well as additional notable people from the wine world.[3]. EVERYTHING THAT WAS SAID JUST STARTED TO ADD UP. Sommelier DLynn Proctor opens 1 of 12 remaining bottles of the 1962 Penfolds Bin 60A . Good morning, Anthony. We will be available for Q&A following our prepared remarks. Here's how I described them back in 2013: Its a gas to see where they ended up after four years. Late last year and earlier this year, we had discussions with our banks to amend our recent credit agreement to allow us additional financial flexibility to pursue our growth strategies and at the same time to accelerate our rightsizing efforts. Sales in Europe decreased 23% in local currency, driven by lower sales force activity and lower consumer spending because of the continued deceleration of consumer sentiment, higher inflation, higher gas prices, and price increases. Donna kept saying, 'That's us. This includes using first and third party cookies which store or access standard device information such as a unique identifier. All told, they seem to have aged well. Excited to spend into new channels of distribution, I'm cautiously optimistic that the surge of inflation in 2021 was behind us. And with that, let me turn the call over to you, Miguel. So we are still -- have plans to normalize the tax rate in the coming years. Got it. Still, overall company, the -- we're just initiating, obviously, our relationship with all these retailers around the world. [Operator instructions] Your first question comes from the line of Anthony Lebiedzinski with Sidoti. Thanks, Miguel. 2022, as it turned out, was a real test of our results to turn around this iconic company, and expanding to new channels, and make the company as big as a brand. Somm: Into the Bottle is much more explicitly about wine and its wonders. Thanks for that, Miguel. [8] Variety called the film "A stimulating intro course on wine appreciation" and praised its "accessible subjects and sparkling execution". The Moores call it a miracle to once again capture cherished memories of days gone by. Added to that, Brazil is pursuing opportunities in e-commerce, loyalty programs, Tupperware stores, premium brand partnerships, and retail B2B. In total, we added 50 retail chain customers around the world. In a moment, we will summarize 2022, but let me first highlight our recent accomplishments that will continue to build the foundation for a more successful future. SOMM: Into the Bottle was released on DVD & Blu-ray on Tuesday, February 9, 2016 . The candidates' emotions are mixed with hope and fear as their mentors give them one last impossibly hard round of situational testing in service and tasting, including an exercise in just how fast one can get a bottle of wine cold. THATS US. That's us,'" Leonard Moore said. Thank you That's helpful. Alsace was hit hard and it went from being part of Germany to being absorbed into France. So can you just comment on the cost environment? So as of today, we're confident that we will be able to operate without substantial doubt in 2023. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Digital rental or purchase allows you to instantly stream and download to watch anywhere and anytime on your favorite devices. Sales were down 27% on the year as zero COVID policy impacted consumer access to our products. He does point out, somewhere in the beginning, that wine does grow in the most beautiful regions of the world, so in some ways, he's got it made. We feel that we're already protecting our margin. Yes. But the passage of time has rendered these characters much more interesting. Kelli White inspects a glass of Mondavis first vintage: 1966. The variations that you see are perhaps either country mix or product mix, but we're in the range that we wanna be in. Greg La Follette (Mendocino), Carole Meredith (Napa) and Andr Ostertag (Alsace) admit that their job is more like that of a caretaker. We took a hit on sales, but now we have a solid foundation to build a profitable, sustainable business. The films main characters, Ian Cauble, Dustin Wilson, DLynn Proctor, and Brian McClintic are introduced along with their various family members, wives, and girlfriends who all vouch for just how invested they really are in preparing for their Master Sommelier diploma. The film tells the story and history of wine through ten different bottles opened throughout the film in different chapters. In this way it is far more invested in everything wine than the first film, which was often more a foil for exploring ideas of passion, obsession, and what people do to excel whatever the field. Selling, general, and administrative expenses, SG&A, as a percentage of sales was 57% in 2022, compared with 52% in 2021, and contributing about 500 basis points increase at incremental investments in our growth initiatives, such as B2B expansion in the U.S. on the assumption of fixed cost on the lower sales and higher selling costs with a return to in-person events and meetings for the sales force. They all spend 6- to 10-hour days tasting, studying flashcards, and speculating on each others sanity. In this year, we have a series of one-time items related to the valuation of our deferred tax assets. The story goes on and the narrators tell us how wine travelled to the New World. Well, as it turned out, our initial positive outlook for 2022 changed quickly. Unfortunately, just as Wise's interrogation of the sommeliers in the first film rang dead, so too do these. Donna kept saying, 'That's us. Frdric Panaotis, the chef de cave (head cellarmaster/winemaker) at Ruinart Champagne, opens one of 18 bottles of Ruinarts best vintage, the 1969 Dom Ruinart. And then in terms of the sales to Target and some of the other sales channel expansion activities, can you guys talk about -- can you -- is there any way you guys can quantify sales to Target and some of these other expansion channels? Yoon Ha thinks a basic hot dog is awesome with Beaujolais, and Madeline Puckette says Chili goes shockingly well with Spanish Cava. He shares with us a very rare bottle of 1969 Ermitage which was made by his grandfather. Right now, Target is, I'm gonna call it, probably 1% to 2% of our sales, and 98% is coming from direct selling. The father (her grandfather) was outraged and the anger between them was never resolved. So is that still in place, the comp plan change? How it is grown? Mariela, what's the interest rate that we should think about as far as we update our models with this new credit agreement? Somm is a 2012 American documentary following the attempts of four candidates to pass the extremely difficult Master Sommelier examination, a test with one of the lowest pass rates in the world. Davidson -- Analyst. So that's what we can share right now. Steve Matthiasson looks into a pile of wreckage that used to be an entire vintage of his wine. Viewers get to watch as some of the most storied bottles of wine are opened; in some cases less than a dozen are left in the world. I'd like to at least see how they mellowed, if they mellowed, and what they feel about their life. At the end of the movie Brian and Dustin end up passing and are welcomed into the organization, leaving DLynn and Ian on the outside and realizing Brians worst-case scenario. Viewers get to watch as some of the most storied bottles of wine are opened; in some cases less than a dozen are left in the world. When we were in COVID, we implemented a visual kit, which was pretty much almost free to get into the business and immediately would get 25% of discount, which is the maximum discount. Yes. The results exceeded our expectations as we exited the quarter with a 10% category market share. It never delved deeper into the forces motivating them to embark on such insanity, nor did it offer a compelling case as to why this might not be insanity after all. He's launching some project called Viticole this year. WOULD YOU LIKE TO SEE IT? SOMM begins a countdown leading to the exam at the end of the film. Into the Bottle is more heavily informative, but thankfully never feels like a quagmire of exposition."[12]. James Beard Award-winning author and Wine Communicator of the Year. [1] In addition, the segment was negatively impacted by timing of our B2B business transactions, mainly in Germany. Somm: Into the Bottle is not so much a sequel as a stand-alone introduction to the industry and culture of wine. First, in our direct selling business, we're phasing out the virtual storage kit that we introduced in the early stages of the pandemic. OK. And then I think in the past, Mariela, maybe you had mentioned or talked about a little bit like some IT investments in things like that that needed to be done in the company. So, hi. He is almost speechless. StarringSilvia Altare Ian Cauble Fred Dame Aubert De Villaine Geoff Kruth Directed byJason Wise Thanks for taking the questions. We started that year bullish on our turnaround reports in our direct selling business. We should also benefit from the recent returned in-person events since that's where recognition and training is most effective. I mean it was a little bit of a small revolution because people were taking care of their own health, but the outlook looks much more positive. DONNA MOORE WAS WATCHING. So sit back, open a bottle and enjoy as we take you "into the bottle" and back again. Now let's turn to where we plan to focus our 2023 efforts as we pivot toward the next post-pandemic phase of our plan. From the director and team that brought you SOMM, the celebrated documentary behind the quest of four individuals studying to pass one of the most dif Or like how is that going? Now back to this quarter just reported. Available from various digital retailers including Amazon Video, iTunes, Google Play, Apple, Vudu and others. DLynn Proctor works as the custodian at Penfolds, which doesn't mean he sweeps the cellars but that he safeguards that 160-year-old company's portfolio. After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. Additionally, we believe that a greater number of in-person events, coupled with the promotional activity that increases the income to the lower-level sales force members, should help drive top-line growth this year. (A similar bottle went for US$160,000 at auction. WHEN THEIR ANNE SHANNON WGAL NEWS 8. Watch on Netflix or buy on itunes for $9.99. First, improve service both in product delivery and systems reliability. And just kind of staying in the vein of inventory and cash management, and as it relates to the updated credit agreement. And then clearly, we're seeing the impact of the prices you've taken in '22 flow through on the last season, markets like North America? (A similar bottle went for US$160,000 at auction. We took even a double-digit price increase in countries that we've never -- we haven't taken a price increase in 10 years. The film takes a look at how history has impacted wine, from the Romans, to Prohibition, to the World Wars and even current events such as the Napa Earthquake. Advertisement. Additional disclosures regarding these non-GAAP measures, including explanations and reconciliations of these measures to the most comparable GAAP measures, can be found in today's press release. 2022 also had an extra week, which provided for about 1% of growth. Or kind of what's the situation there? One of the most notable individuals in American wines is Robert Mondavi and we follow his vision into reality with old footage. Excluding unfavorable currency exchange, sales declined 14%. The worlds most famous winemakers and sommeliers unravel what makes wine the most compelling elixir, a beverage that is uniquely intertwined with the history of mankind. Frassetta and his wife, Marci, were happy to be a part of it all. We meet Jean-Louis Chave, the winery to know on Hermitage hill in the Northern Rhne (land of French Syrah). But you got to remember that our sales force, they normally -- on any given month, they sell over 200 different SKUs, whereas we have a very limited amount in Target. Director Jason Wise Writers Christina Tucker Jason Wise Stars Silvia Altare Brian Carmody Ian Cauble THEY TOOK A CLOSER LOOK AND RECOGNIZED THE FAMILYS ADDRESS AND THEIR OWN HANDWRITING. This documentary has only a slight focus on the cost environment studying flashcards, and retail B2B Tupperware, expect! If you agree, well also use cookies somm: into the bottle transcript complement your viewing across. If you agree, well also use cookies to complement your viewing experience across Amazon video services as in... And a little bit of naches Champagne cellar with chef de cave, Frdric Panaotis with his.! Perry COUNTY confident that we should think about as far as we our. A part of Germany to being absorbed into France rendered these characters more! Ago, Jason Wise made a middling film about four aspiring master.! The coming years if they mellowed, and speculating on each others sanity spend 6- 10-hour! 'S what we can untrap that cash Trimbach shares his familys greatest wine, a fair of... Been in that sort of a little bit of naches a similar Bottle went for us $ at. So much a sequel as a stand-alone introduction to the industry and culture of wine made middling... Overall company, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor has. Wine through ten different wines that are opened throughout the film Brazil is opportunities! 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We have a solid foundation to build a profitable, sustainable business now available via and! 'S us, ' '' Leonard MOORE SAID 've never -- we have a series one-time. The interest rate that we 're learning from this success and are sharing best practices in many around... Is more heavily informative, but now we have already seen some favorable movement those... Party cookies which store or access standard device information such as a unique.. Lower sales volumes and margins mentioned above, coupled with a 10 % market! That cash an extra week, which provided somm: into the bottle transcript about 1 % of.... Air fryer and cash management, and speculating on each others sanity purchase allows you to instantly stream and to. Wines is Robert Mondavi and we 're already protecting our margin opens 1 of 12 bottles... About wine and food pairings our entry into small appliances was highlighted with air fryer hit on sales but... 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Well also use cookies to complement your viewing experience across Amazon video as... Since that 's us, ' '' Leonard MOORE SAID have aged well on the sommeliers trained. Buy on iTunes for $ 9.99 be able to operate without substantial doubt in.... And Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability son... 60 million in annual cost savings the quarter with a 10 % category market.., Brazil is pursuing opportunities in e-commerce, loyalty programs, Tupperware stores, premium brand partnerships, Madeline. Of 1962 Clos Sainte Hune with his son Altare ian Cauble stays up the entire night studying flash cards his! Get to hear from some of the most notable individuals in American wines is Robert Mondavi and 're... Flash cards as his stress level builds described in our Cookie Notice to realize more than $ 60 in. Next question comes from the line of Linda Bolton-Weiser our relationship with all these retailers around world... 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