New products accounted for 14% of sales last year. Movie Insider is a registered service mark of The Movie Insider LLC. When we exclude those write-downs, the write-down was over 70% of our pre-tax income. But right now, Target has such low penetration that is -- we haven't seen any change in the behavior of our sales force. OK. So I'm gonna start with the ways we're gonna lower the inventory, and then I'm gonna pass it over to Mariela so she can give you the exact numbers. SOMM: Into the Bottle brings viewers a rare and never before seen glimpse inside the private world of both famed and cult winemakers. Thanks for that. "And I said, 'Oh, my gosh. There are no further questions at this time. Months earlier, Joe Frassetta spotted a glass bottle there with a decades-old message inside. How are their marriages, their children, their partners? We start to realize that sommeliers preferences are very different than regular wine drinkers. And it's like, I'm gonna call it, paid advertising because we obviously we made -- wanna to make money in these retailers, but also brings the top of our brand and that iconic brand that we have brings it to the mind of consumers that we're not accessing right now. [4], Last edited on 26 September 2022, at 17:47, 2018 Master Sommelier exam cheating scandal, "Napa Valley Film Festival 2012 Official Guide", "World's Toughest Test? And also to complement our tax strategy, we are in the process of finalizing our strategic care plan of growing several countries and then expanding the retail channels. In our 10-K to be published by March 16 or earlier, we will also include disclosures of material weakness in the income tax process as the company did not design and maintain effective internal controls related to the accounting for the completeness, occurrence, accuracy, and presentation of the income tax provision, and related income tax assets and liabilities. 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. It was Bernard Moore," Christa Moore Wire said. Our trailing 12-month bank covenant leverage ratio was 4.9, within our recently amended maximum leverage ratio for the fourth quarter of 5.25. He puts on white gloves and delicately opens a volume in the wineries guilted library from 1492 Hearst Television participates in various affiliate marketing programs, which means we may get paid commissions on editorially chosen products purchased through our links to retailer sites. I get that the expansion to Target and some of these omnichannel efforts are still relatively small, and I get that they were structured originally in such a way that they would be augmentative to the additional effort from the sales force. Got it. THATS US. He shared it with News 8, hoping to find who left it behind.Donna Moore, of York County, was watching. We will protect gross margins with additional price increases as necessary. Trimbach explains that this is why you cant find any Alsace Riesling vintages before the 1940s. We're in a good space. Somm: Into the Bottle Free with ads PG YouTube Movies & TV 162M subscribers Subscribe The history, politics, pleasure, and BS of wine told through opening ten very different bottles. YEAH. But the passage of time has rendered these characters much more interesting. So basically, 2022 was a really tough year from the pricing point in the U.S. As you know, we had inflations everywhere in the world, really high. Jean Trimbach shares his familys greatest wine, a bottle of 1962 Clos Sainte Hune with his son. Well, as it turned out, our initial positive outlook for 2022 changed quickly. WHAT? How should we think about that? And as I said in my previous remarks, we see that China is only gonna get better. Do you like food? 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. 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. 1996-2023, Amazon.com, Inc. or its affiliates. And just kind of staying in the vein of inventory and cash management, and as it relates to the updated credit agreement. Fourth, rightsizing. Or like how is that going? Through the eyes of the world's greatest somms and winemakers, 'Somm: Into the Bottle' raises the curtain on the seldom-seen world that surrounds the wine we. Here's how I described them back in 2013: Its a gas to see where they ended up after four years. 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. So I'm gonna start with the -- Good morning, Chasen. The film is organized into 10 chapters, each with a focused story that shows a different side (and style) of wine. Paul Grieco talks wine history. Whetstones New Agency Wants to Represent It. So we think retention and productivity will improve. "Everything that was said just started to add up. Nice to hear you. [Operator instructions] Your first question comes from the line of Anthony Lebiedzinski with Sidoti. I CRAZY EASY FOR JOE. Making the world smarter, happier, and richer. Somm: Into The Bottle goes on a globe-trotting adventure to answer the question "What is wine and why does it matter." The film is organized in 10 mini-stories that each explore a different fundamental facet of wine from the cellar to the table. As was the case for the first movie, the film is visually breathtaking. Sales in the U.S. were down 19% in 2022, and Mexico was down 7%. If you can remember, the first Somm film (2012) dives full force into the lives of four sommeliers as they struggle for the title of Master Sommelier. The movie, at the very least, gets you into the room with them. With the elimination of the virtual kits, we expect the pendulum to gradually swing back to business builders. But I think as we gave an example, Korea in the previous remarks, if and when we create a perfect omnichannel ecosystem, it works really well. Our most successful product introduction last year was the SuperSonic Chopper compound, which uses a pull cord quickly and conveniently to chop up herbs and vegetables. We know that we've been fulfilling Target the way we agree with. Interest expense decreased by $3.5 million in 2022 to $31.7 million. '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. Cauble has mellowed, prefers billowing shirts and runs SommSelect, an online wine club (which looks amazing, by the way). Master Sommelier Fred Dame, tells us how he manages to serve the single bottle of wine to 50 statesmen during a historic moment in US history. And in fairness, each chapter contains some really interesting stories. Somm: Into the Bottle is much more explicitly about wine and its wonders. With that, we will open the line for questions. Linda, we had in average in the Q4, we still saw an increase in input costs, and I think it was driven by some logistics disruptions we have when China opened up as well as our plans to improve service levels across the Tupperware ecosystem. 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. Invest better with The Motley Fool. YES, WE WOULD LIKE TO SEE THE BOTTLE ONCE EARLIER. THATS MY HANDWRITING. It was a . [CDATA[ Its through these storiestold by charismatic wine communicatorsthat you begin to paint the picture of what wine really is. 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. Appreciate the color. Before we get started, please note that beginning with the 2023 first-quarter earnings release, we will be changing our reporting schedule. Details are scarce. 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. And like can you just give some color on why that was so disruptive? 50 YEARS AGO, I WAS 13. Anthony Lebiedzinski -- Sidoti and Company -- Analyst. Good morning, Anthony. One of the most ambitious films on the subject, 'SOMM: Into the Bottle' shows you that the world of wine is nearly endless and that it is almost impossible to quench your thirst for knowledge. SOMM: Into the Bottle was released across all major streaming and cable platforms on Tuesday, February 2, 2016. Please also note that all references, unless otherwise noted, are being made on a continuing operations basis. (Wise and his DP, however, liberally partook.). Choices made by just a few individuals have forever shaped wine as we know it today. 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. So we -- obviously, let me just start with the most important thing. Still, overall company, the -- we're just initiating, obviously, our relationship with all these retailers around the world. Obviously, the return on sales, and the profit, and the margins in the U.S. look much better right now than they used to look six months ago. Due to its success, we expanded its launch to Philippines, India, Japan, EMEA, showing similar success. And finally, last quarter, we established a new position of chief commercial officer, who provides holistic oversight of our commercial growth of lands while delayering and simplifying our go-to-market infrastructure. Dustin Wilson, who makes a few quick remarks, recently left Eleven Madison Park, where he was the wine director, to run Wine and Education at PerUs, a pretty interesting members-only wine club in Napa. ), One grown-ass womans descent into the soul of the American teen on their home turf: the mall food court, The Next Era of American Fine Dining Is Here, Care of West Africa, Chefs are spotlighting their culinary heritage on tasting menus, at buzzy pop-ups, and at new restaurants across the country, Debbi Fields, the founder of Mrs. Fields, has been called both a "feminist American dream" and a "good-looking front" for a multimillion-dollar brand. Viewers get to watch as some of the most storied bottles of wine are opened; in some cases less than a dozen are . Miguel Fernandez -- President and Chief Executive Officer. Gross margin in 2022 was 54%, a decrease of 200 basis points from 2021. Directors Jason Wise Starring Ian Cauble, Fred Dame, Geoff Kruth Genres Documentary You will want a glass in your hand to watch this film.. During this call, we'll discuss certain non-GAAP measures, including those we refer to as normalized measures. Oops. Thank you, operator. Somm: Into The Bottle Jason Wise (Director) Format: DVD 427 ratings Amazon's Choice for "somm" -33% $999 List Price: $14.99 Get Fast, Free Shipping with Amazon Prime & FREE Returns Prime Video $3.99 $14.99 DVD $9.99 Additional DVD options Edition Discs Price New from Used from DVD February 9, 2016 1 $9.99 $9.99 $3.49 Watch Instantly with Rent First, improve service both in product delivery and systems reliability. China had a very difficult 2022. The history, politics, pleasure, and BS of wine told through opening ten very different bottles.The history, politics, pleasure, and BS of wine told through opening ten very different bottles.The history, politics, pleasure, and BS of wine told through opening ten very different bottles. Thanks, Miguel. Because actually, a lot of the cost elements are starting to come down. Great. And are there -- do you have a thought on what capital spending might be in 2023? The way we saw it is that when it opened up, obviously, a lot of people got sick, right? So that's what we can share right now. The first film dwelt much to its detriment,I thought then and now on the grueling process by which these men earned their Master Sommelier certification. The co-owner of Domaine Romane-Conti, Aubert Villaine, in a cellar that holds the worlds most coveted wines. 2022 proved to be a much more challenging year than we could ever expected. First, increase financial flexibility. 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. We started that year bullish on our turnaround reports in our direct selling business. So have you done so well at Target that you're having trouble actually keeping the supply replenished? What goes on in the cellar? I'd like to start on the inventory side. Because you did make some comp plan changes, and I know it was like a matter of time before those kind of got settled out and stuff. We have many successful product introductions over the past couple of years that really gained traction last year. *Average returns of all recommendations since inception. They oversee service to the guests. The freshest news from the food world every day. For the next year, I will expect the tax rate to be higher, excluding these deferred tax assets write-down. The movie, whose tagline is "Wine is simple. Mr. Lane, you may begin. So you're right, competing is not the right word. This documentary has only a slight focus on the Sommeliers, trained wine experts. A number of them participate and not all of them have the same opinions. Tupperware Brands (TUP) Q3 2022 Earnings Call Transcript, Why Tupperware Brands Soared 19% Higher Today, Why Tupperware Brands Stock Jumped 30% on Wednesday, Tupperware Brands (TUP) Q2 2022 Earnings Call Transcript, Why Tupperware Stock Blasted 16% Higher Today, 2 FAANG Stocks Billionaires Are Selling in Droves and 1 They Can't Stop Buying, Why Virgin Galactic Stock Crashed This Morning, 3 Stocks That Could Join Apple, Microsoft, and Alphabet in the $1 Trillion Club, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. A Susquehanna Valley couple now knows who left behind a message in a bottle they found in a state park in Perry County. Every year, over 500 billion single-use plastic bags are used worldwide, which is over 1 million bags every unit. WHEN THEIR ANNE SHANNON WGAL NEWS 8. Three years ago, Jason Wise made a middling film about four aspiring master sommeliers. Thanks for that. We feel that we're already protecting our margin. "They were bouncing up and down on the chairs. 2022 also had an extra week, which provided for about 1% of growth. For the full year 2022, dollar-reported sales declined 18% to $1.3 billion. The candidates repeatedly assert that they have to know everything about wine, while the film jumps back and forth between wine makers in the United States, Italy, France, and Germany to illustrate that knowing everything about wine is virtually impossible. Viewers are taken beyond the exam and down the wine (bottle) rabbit hole. I do apologize. This article is a transcript of this conference call produced for The Motley Fool. Dlynn Proctor drinks a 100-point wine and describes it. Each vintage is different and as wine ages it changes. As such, we're building a new consumer-facing company within our legacy direct-selling consumer push company. [7] Review aggregation website Rotten Tomatoes gives the film a score of 79% based on reviews from 24 critics, with an average rating of 6.7/10. One of the most ambitious films on the subject, 'SOMM: Into the Bottle' shows you that the world of wine is nearly endless and that it is almost impossible to quench your thirst for knowledge. In our new amended credit agreement announced this week, our maximum leverage ratios increased. Somm: Into the Bottle received positive reviews, with the Hollywood Reporter calling the film "so packed with personality and fascinating details that viewers will be able to return repeatedly to the documentary without soon exhausting all that it has to offer. Madeline Puckette tells us the wine rating system was originally created to help consumers find great wines. It's going better than their expectations and our expectations. We took a hit on sales, but now we have a solid foundation to build a profitable, sustainable business. In fact, we're running slightly ahead of scale. So before I start answering your questions, let me point out that our press release had a error in the gross profit of the fourth quarter and clarify that the gross profit for the fourth quarter, the appendix is correct, and it was $196.5 million for this quarter, and it was $240 million for the year ago. Looking forward to seeing you in three months. Do you like movies about food? But now that the product has been on shelf for effectively a quarter, has there been any change in sort of behavior or attitude from the sales force members now that they are, in a sense, competing with Target? I was 13.' Ian Cauble (from the 1st Somm film) opens his bottle of 1985 Elio Altare Barolo and tells us the story. ONE THING DIDNT ADD UP. Then, we travel back to France, to Burgundy, to Domaine Romane-Conti , which is the worlds most expensive wine, a Pinot Noir. The film's director Jason Wise last directed Somm. By the end of the program, we expect to realize more than $60 million in annual cost savings. Well, thank you very much for being with us this morning. And some of those investments are dedicated to creating our digital infrastructure to allow our sales force to transact online, as well as upgrading our network internally to be global and standard. [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. Fifty years ago. So, hi. We launched air fryer late 2021 in China. He is taken aback when he takes his first sip, he seems to understands more about his grandfather. How many people understand how wine is produced? Director Jason Wise Writers Christina Tucker Jason Wise Stars Silvia Altare Brian Carmody Ian Cauble How it is grown? Somm: Into The Bottle goes on a globe-trotting adventure to answer the question What is wine and why does it matter. The film is organized in 10 mini-stories that each explore a different fundamental facet of wine from the cellar to the table. In Chapter 5, there's a range of interesting economic analysis which undergirds that vast differences between New World and Old World wine. They recognized the family's address and their own handwriting. 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. We remain committed to rightsizing the business in further manufacturing and supply chain optimization. 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. OK. The U.S. was further impacted by a longer-than-anticipated adoption of our compensation plan changes. Got it. Please review the forward-looking statement disclosure on Page 5 of today's press release. The Motley Fool has a disclosure policy. 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. 53 /// 2020] Second, channel expansion. And fifth, new leadership. OK. And then can you just maybe give a little more color on the North American decline? This year, which is very different, we're going back to our normality of price increases, which in the countries that they have higher inflation, this is what we've been doing for years, so we don't expect anything different. Change your choices anytime by going to Cookie Preferences, as described in the Cookie Notice. SOMM: Into the Bottle (2015) - full transcript The history, politics, pleasure, and BS of wine told through opening ten very different bottles. Were in the Age of Food Talent. [15], Somm 3 was released in the fall of 2018 by distributor Samuel Goldwyn Films. As you may imagine, selling products into retail chain is a very different proposition from operating a direct selling distribution model. Please note that some references are being made on a constant currency basis, which reflects the application of current period foreign exchange rate to any prior period results, enabling comparisons, excluding the impact of foreign currency exchange rate fluctuations. All told, they seem to have aged well. And clearly, with the amendment, you've got a little bit more breathing room over the coming years. During a practice tasting with a Master Sommelier, Ian Cauble becomes convinced that someone has switched his wines. We are encouraged that Europe is showing signs of stabilizing since the end of 2022, beating our internal forecast and started 2023 in a similar fashion. We have plans to repeat that reduction in the coming quarters. Poll: Will you see SOMM: Into the Bottle? SOMM: Into the Bottle raises the curtain into the seldom seen world that surrounds the wine we drink. Rent 4,99 Buy 11,99 Trailers Trailer Cast & Crew Cast Ian Cauble McClintic, who is most heavily featured in the film, has lost his baby fat and now looks like a slightly beefier Adam Levine, so, you know, he's handsome. Jean Trimbach has a sort of sardonic enthusiasm when talking about the pillaging that happened in Alsace during WW1 and WW2. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. 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. 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