Word: mondavi
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Dates: during 1990-1999
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Witness Robert Mondavi Corp.: for a decade it had increased revenues at an average of 15.5% a year, leading an industrywide wine boom. Profits kept pace until 1998, but then they dropped more than 20% from a year earlier, to $29 million. Partly that was bad luck, the delayed effect of late rains in 1996 that ruined harvests and kept the company from making enough of its best-selling Woodbridge Chardonnay to meet demand a year later. But Mondavi neglected to warn retailers of the shortage and failed to put them on allocation--tell them each store could get only...
...took Mondavi another year to get its shelf space back, which it accomplished by wooing retailers and cutting prices. The average wholesale price for a 12-bottle case of Woodbridge dropped from $37.75 in 1998 to $36.65 this year. Partly to balance that, it raised prices on some of its more expensive wines (yes, there are still some businesses in which that is possible). Mostly because of increased Woodbridge volume after the price cuts, profits in the most recent quarter bounced up 24% over the previous year...
...burned Hewlett-Packard, Rockwell and many other U.S. companies in 1998 has yielded to a weak recovery that is at least less profit-destroying than a continued collapse. Contrary to all predictions, the American boom has not only rolled on but also speeded up. And marketing errors such as Mondavi's are relatively easy to recover from in an atmosphere of rising incomes and free consumer spending. But even if the 1998 profit lag was an aberration, as many economists think, U.S. and global production capacity still exceeds demand, and price competition is relentlessly sharp. Keeping profits up still requires...
...trial between Kendall-Jackson and Gallo over so-called trade dress infringement has vintners from California's Santa Barbara to the Alexander Valley aghast at the spectacle of two of the industry's more cantankerous personalities' slugging it out. Some of the biggest names in the business--Sebastiani, Mondavi and Wente--have been called as witnesses. "This is like wrestling with a gorilla 30 times your size," says Jackson. "But if I don't fight them, who will...
Manhattan's demimonde of the 1980s has ravaged many a fictional character, but few as mercilessly as Adrian Sellars, an art gallery owner whose troubles are mounting like so many empty bottles of opening-night Mondavi. Sellars is plagued by a lust for both heroin and a beautiful Harlem drug dealer. His forgery scam is going awry, his partner winds up murdered, and a Japanese mobster is threatening to kill Sellars and his family if he does not deliver a promised Monet...