So that is one of the big headwinds that we're gonna have in 2023. '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. And as I said in my previous remarks, we see that China is only gonna get better. 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. Rent 5.49. 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. The aftermath of the earthquake at Matthiasson wines . We will have a laser focus on reducing our inventory levels and rightsizing our fixed cost base, and optimizing our manufacturing and supply chain footprint. The story is told by his daughter who relates that her grandfather, Elio's dad, hardly spoke to his son after that change. Paul Grieco talks wine history. And then just switching over as far as the new credit agreement. We will continue to hold our conference call on Wednesday morning at 8:30 a.m. 10 stocks we like better thanTupperware BrandsWhen our award-winning analyst team hasa stock tip, it can pay to listen. But perhaps you can dimensionalize how less of these have shaped up compared to your expectations. Do you like movies about food? And those investments continue from time to time. It was Bernard Moore," Christa Moore Wire said. So you're right, competing is not the right word. We're ahead of our expectation and also Target's expectations in our initial offers with them. He's launching some project called Viticole this year. 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. Too short to portraits . 1996-2023, Amazon.com, Inc. or its affiliates. OH, YEAH, THAT. A sommelier is a position in a restaurant. In the summer, we hired a new executive vice president of supply chain to help us optimize our supply chain network and improve service levels. We have a plan to continue to produce EBITDA in this company and better EBITDA than the past year of 2022, plus cash generation from our working capital management, as well as our engineering plans that will produce near benefits in the years to come as we continue to rightsize this company and place Tupperware products in all the channels where consumers look for them. The 100-point system, which was used by famous classic wine critic, Robert Parker at Wine Advocate , is even more popular today. However, we will issue our earnings release tonight before -- after the market close. Donna kept saying, 'That's us. Obviously, you've talked about the inventory management efforts. [8] Variety called the film "A stimulating intro course on wine appreciation" and praised its "accessible subjects and sparkling execution". Whereas SOMM was focused tightly on the micro, profiling a ragtag friend-group of aspiring master sommeliers, SOMM: Into the Bottle zooms out on the subject to provide an engrossing overview of the macro a history of wine production and the world of wine itself. Therefore, we will expect meaningfully higher interest expenses in 2023 than what we reported in 2022. WOULD YOU LIKE TO SEE IT? Here's how I described them back in 2013: Its a gas to see where they ended up after four years. Esquire Magazine's Cal Fussman praised the film as "a great film.." "..with a tense arc that pushes you to the edge of your seat". They oversee service to the guests. Show. Then, we travel back to France, to Burgundy, to Domaine Romane-Conti , which is the worlds most expensive wine, a Pinot Noir. We meet Jean-Louis Chave, the winery to know on Hermitage hill in the Northern Rhne (land of French Syrah). [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. And clearly, with the amendment, you've got a little bit more breathing room over the coming years. And I told him, and I said, 'This has to be us,'" she said. Please enter a valid email and try again. I'd like to start on the inventory side. For the next year, I will expect the tax rate to be higher, excluding these deferred tax assets write-down. Brian speculates on the worst-case scenario of two of the three close friends becoming a Master Sommelier, leaving one behind who must continue training alone. OK. Gotcha. If you agree, well also use cookies to complement your viewing experience across Amazon video services as described in our Cookie Notice. That's a very simple way to look at it. Fourth, rightsizing. Joining me today are Miguel Fernandez, president and CEO; and Mariela Matute, CFO. So you'd think I'd be happy that Wise shifts his lens away from them. 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. 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. 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. Thank you, operator. 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? I CANT IMAGINE SITTING WATCHING THE NEWS AND REALIZING, WAIT A MINUTE, THATS US. Earlier this month, he followed it up with a sequel: Somm: Into the Bottle. So we -- obviously, let me just start with the most important thing. Directors Jason Wise Starring Ian Cauble, Fred Dame, Geoff Kruth Genres Documentary And in fairness, each chapter contains some really interesting stories. "But the name wasn't right. Length: 1hr 30min 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. Second, we will introduce a unique releasable silicone bags that are designed to replace the single-use plastic bags. OK. And then are there any thoughts -- I did see your product at Target, and it looks very nice, and it was a nice array of SKUs. With just three weeks left until the three-part exam (theory, service, and blind tasting), the audience begins to see the lifestyle this exam forces on its subjects. 53 /// 2020] During this call, we'll discuss certain non-GAAP measures, including those we refer to as normalized measures. Frassetta and his wife, Marci, were happy to be a part of it all. Master Sommeliers Brian McClintic, Dustin Wilson and Ian Cauble return to Somm: Into the Bottle from the original to narrate the film, with McClintic handling a lot of the duties. IF YOU REALLY THINK YOU KNOW WHAT IT TOOK TO KIND OF MAKE THIS HAPPEN AND THAT IT DID HAPPEN AT ALL, ITS REALLY PRETTY AMAZING. Thank you. In fact, the number of our markets reporting B2B activity in 2022 was 22 markets. We plan to file our 10-K before the deadline of March 16. Weve done our best to note most of the wines and people in this film. For example, our 4.9 leverage ratio in the 2022 fourth quarter would have been 5.6 under the new formula. So that has basically been proving very, very successful for us because they get a gift, and they can resell the gift, and they actually earn even more money than what they were expecting. By submitting your email, you agree to our, Review: Somm: Into the Bottle Squanders the Wonderful Story ofWine, And the last chapter the Memory has an amazing story of Leon Panetta, dark lord muppet of the CIA, drinking a bottle of 1870 Chateau Lafite with legendary somm Fred Dame after killing Bin Laden from little CIA shot glasses. Just wanted to confirm if that's still the case. 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. By opening some of the worlds most rare bottles of wine, the viewer will understand how a wine ages, what happens in a cellar and exactly what oak in wine means. Earlier this morning, we issued a press release announcing our preliminary financial results for the fourth quarter of 2022, which can be found on our investor relations website. 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. So as of today, we're confident that we will be able to operate without substantial doubt in 2023. SOMM: Into the Bottle brings viewers a rare and never before seen glimpse inside the private world of both famed and cult winemakers. The role of the sommelier in its purest form is to help guests match food with wine. An echo resonates in a dingy cellar after a bottle of 1969 Dom Ruinart champagneone of only 19 bottles in the worldis popped. This is a sommeliers wine. Pricing accounted for an 8% benefit, which was more than . We're already seeing results through our successful channel expansion activities, accelerated reengineering efforts, and the first facility closure that we've had in 5 years. A third film, SOMM 3, released in 2018. THATS PRICELESS. It received 100 points and DLynn Proctor opens it. OK. And then can you just maybe give a little more color on the North American decline? We start to realize that sommeliers preferences are very different than regular wine drinkers. [15], Somm 3 was released in the fall of 2018 by distributor Samuel Goldwyn Films. And so what sort of opportunity there is for you to reduce that in '23, given that's probably going to be one of the levers you pull in staying within compliance of those financial covenants? Well, thank you very much for being with us this morning. Robert Mondavi helped craft the image of Napa. We took even a double-digit price increase in countries that we've never -- we haven't taken a price increase in 10 years. Crazy," Wire said.Frassetta and his wife, Marci, were happy to be a part of it all. James Beard Award-winning author and Wine Communicator of the Year. [Operator instructions] At this time, I will turn the conference over to Doug Lane, vice president, investor relations, and strategy. Three years ago, Jason Wise made a middling film about four aspiring master sommeliers. We're learning from this success and are sharing best practices in many markets around the world, throughout this 2023. But can you just speak to your confidence in remaining in compliance with that and perhaps touch on some of the assumptions you have for the business that kind of underpins that confidence? So have you done so well at Target that you're having trouble actually keeping the supply replenished? And also as a -- just as a quick other question. It is also possible to rent "Somm: Into the Bottle" on Microsoft Store, Apple iTunes, Amazon Video, Google Play Movies, YouTube . It's about everything," focuses on the story of wine around the world and how it is made. Or kind of what's the situation there? That's us,'" Leonard Moore said.One thing didn't add up. YOURE OUT HERE READING INTO? [Operator instructions] Your first question comes from the line of Anthony Lebiedzinski with Sidoti. 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. Excluding unfavorable currency exchange, sales declined 14%. Best of luck, and I'll pass it on to the next caller. 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. "[10] Great Northwest Wine said, "Somm: Into the Bottle is a marvelous film that lovingly reveals so much about the history and romance of vines and wines. Jean Trimbach shares his familys greatest wine, a bottle of 1962 Clos Sainte Hune with his son. The freshest news from the food world every day. Nice to hear you. The film tells the story and history of wine through ten different bottles opened throughout the film in different chapters. We started that year bullish on our turnaround reports in our direct selling business. Jean-Louis Chave on Hermitage opening a bottle made by his grandfather in 1969. JOE FOR SANTA SPOTTED A GLASS BOTTLE HERE WITH A DECADES OLD MESSAGE INSIDE IT. JUST SOMETHING A FAMILY DID ON A LARK ON A FAMILY VACATION. *Stock Advisor returns as of February 8, 2023. eastern time, and the 2023 first quarter is tentatively scheduled for May 10. [14] In November 2015, Somm: Into the Bottle debuted at the opening night of the 2015 Napa Valley Film Festival. Every one of them has a different motive for wanting to pass, whether it is for their wifes sake, an obsession with the idea of passing, or simply wanting to be seen as the most dapper guy in a restaurant. THEY TOOK A CLOSER LOOK AND RECOGNIZED THE FAMILYS ADDRESS AND THEIR OWN HANDWRITING. I CRAZY EASY FOR JOE. He shared it with News 8, hoping to find who left it behind. Who is responsible for the wine program. So we expect to continue to generate cash as a company, and then the bank agreement will now allow us to continue the turnaround plan for the year 2023. It was Bernard Moore," Christa Moore Wire said.They took a closer look. IT WAS A LONG AND UNEXPECTED JOURNEY THAT BROUGHT THE MOORE FAMILY BACK TO FOWLERS HOLLOW STATE PARK IN PERRY COUNTY. 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. The film studies the role of wine in human history and its relationship to the land. So we are still -- have plans to normalize the tax rate in the coming years. We follow Aubert de Villaine, the current winemaker/co-owner of DRC down a stone stairway into a dark room. We put some capex plan that is similar to what we executed in 2022. In total, we added 50 retail chain customers around the world. I believe on the pricing side, you've mentioned further price increases expected in '23. Please also note that all references, unless otherwise noted, are being made on a continuing operations basis. But it's gonna -- obviously, we expect high growth in that area. Unfortunately, just as Wise's interrogation of the sommeliers in the first film rang dead, so too do these. As we said in our last call, we look to spend an additional $100 million in rendering cost over the next three years. Aubert de Villaine opens a bottle (the 2004 vintage, considered a bad vintage) and explains that he believes this wine shows more honesty. Dr. Rowald Hepp may be their winemaker, but he seems aware that he is simply part of the Schlosss history. See production, box office & company info. Ian Cauble (from the 1st Somm film) opens his bottle of 1985 Elio Altare Barolo and tells us the story. Director Jason Wise Writers Christina Tucker Jason Wise Stars Silvia Altare Brian Carmody Ian Cauble Thank you, Anthony. We have plans to repeat that reduction in the coming quarters. [13], In January 2015, distributor Samuel Goldwyn Films announced they had acquired exclusive rights to a sequel entitled Somm: Into the Bottle, with a theatrical release planned for later in the year. Having winemakers and sommeliers opening ultra-rare bottles like a 2004 Domaine de la Romanee-Conti called DRC, natch or a 1969 Hermitage or the legendary 1962 Penfolds Bin 60A Coonawarra Cabernet Sauvignon Barossa Shiraz is neat party trick, I suppose, but it reads like Wise just beating on his chest. Gross margins were up year on year in the fourth quarter for the first time in six quarters as the benefits from our pricing actions throughout the year began to be realized. In fact, we're running slightly ahead of scale. 2022 proved to be a much more challenging year than we could ever expected. It feels like the saddest moment of the film when he tries to explain that wine is meant to be enjoyed, not bought and sold like a commodity. AND I SAID, OH, MY GOSH. Perhaps its because of the struggle. Got it. We expect that the improving economic profile we began to see in Q4 will sustain in 2023. That way, everyone will have plenty of time to digest the news and update models before the call. Crazy," Wire said. 905 PARKWAY BOULEVARD. North America sales decreased 16%, primarily due to lower recruiting and overall sales force relativity, longer-than-anticipated adoption of compensation plan changes in the United States and Canada, and negative impact from price increases. The Moores call it a miracle to once again capture cherished memories of days gone by. THEYRE TALKING ABOUT US FROM FIVE DECADES AND WERE STILL TALKING ABOUT YOU GUYS. They all spend 6- to 10-hour days tasting, studying flashcards, and speculating on each others sanity. We are gonna continue to build this company to where it belongs and make the business as big as our brand. One of the most notable individuals in American wines is Robert Mondavi and we follow his vision into reality with old footage. So Chasen, again, Miguel here. For instance, chapter 7: The Barrels, which is exclusively about how Elio Altare, an Italian winemaker, revolutionized Barolo by aging the wine in smaller French oak barrels rather than large one, a technique he picked up in Burgundy. SOMM: Into the Bottle raises the curtain into the seldom seen world that surrounds the wine we drink. Must Read 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. I will now turn the call over to Miguel Fernandez for closing remarks. So we think retention and productivity will improve. Third parties use cookies for their purposes of displaying and measuring personalized ads, generating audience insights, and developing and improving products. His reality is very different, his wine is no longer easy. Fifty years ago. You know, That's us,'" Leonard Moore said. Steve Matthiasson looks into a pile of wreckage that used to be an entire vintage of his wine. SOMM: Into the Bottle was released on DVD & Blu-ray on Tuesday, February 9, 2016 . Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Release Date: January 29, 2016 I do apologize. But right now, Target has such low penetration that is -- we haven't seen any change in the behavior of our sales force. Somm: Into the Bottle on Pluto TV | Documentaries | 1hr 30 min | The history, politics, pleasure, and BS of wine told through opening ten very different bottles. I co-founded Wine Folly to help people learn about wine. Making the world smarter, happier, and richer. 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? The documentary goes into everything that was sorely missed in the first film: what is wine? [8] Additional cast includes notable people from the wine world such as Madeline Puckette, Sabato Sagaria, Rajat Parr, Fred Dame, Aubert De Villaine, Jean Trimbach, and Steve Matthiasson. THATS US. It seeks to render these men retroactively sane by showcasing the manifold wonders of wine. Learn More, Tupperware Brands(TUP -14.27%)Q42022 Earnings CallMar 01, 2023, 8:30 a.m. Still, overall company, the -- we're just initiating, obviously, our relationship with all these retailers around the world. 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. Mariela Matute -- Chief Financial Officer. In addition to friends and family members, several notable sommeliers are interviewed, including Fred Dame, Peter Neptune, Michael Jordan and Geoff Kruth. The film tells the story and history of wine through ten different bottles opened throughout the film in different chapters. And if I can complement with the numbers, we ended the quarter with $250 million of inventory, which was down for about $230 million a year ago, and the trend continues to repeat. And are there -- do you have a thought on what capital spending might be in 2023? Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Click Customize Cookies to decline these cookies, make more detailed choices, or learn more. Because actually, a lot of the cost elements are starting to come down. 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. They took a closer look. '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. As you have seen, the market trends, our interest rate is gonna increase as a result of our bank agreement as well as the macro trends. I assiduously noted the many winemakers interviewed because to a man or woman, each seemed charming and dedicated and intriguing. Perhaps, no better showcase for our growth strategy was the success we had in Korea last year. All told, they seem to have aged well. 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 regular bottle goes for about $12K. MY NAMES LEONARD MOORE. 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. AFTER ALL THESE YEARS. So obviously, we believe it's gonna get better, and it's gonna be better from many points of view, but this is what I call sustainable growth from profitable growth. Or like how is that going? '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. Added to that, Brazil is pursuing opportunities in e-commerce, loyalty programs, Tupperware stores, premium brand partnerships, and retail B2B. Thanks for that. Got it. Thanks for taking the questions. These were partially offset by strong performance in Korea, as Miguel highlighted earlier. Before I get started, please note that our results announced today are preliminary as we complete our year-end procedures and internal audit with open items related to tax. Last spring, we hired a new CFO to help us better navigate our turnaround plans. Kelli White inspects a glass of Mondavis first vintage: 1966. 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. For some reason, Wise thinks it adds immensely to the experience if, at every opportunity, some guy opens an extremely rare bottle of wine, mentions how rare it is, then drinks it and contorts his face in ecstasy. Ian Cauble stays up the entire night studying flash cards as his stress level builds. Geoff Kruth drinks 1980s Muscadet with oysters on the beach. First will be the cast iron cookware such as Dutch Ovens. Instead, Wise breaks down wine into 10 chapters, which he laboriously trots through. '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. COVID lockdowns in China, logistics delays that impact our product availability, higher prices, and lower consumer spending in Malaysia caused in part by removal of government subsidy in food essentials. Another interesting bit of history - the two World Wars put a major dent in the production of wine from France, Spain and Italy. After the oak program was introduced, Elio Altares wines amazed wine critics and they are now considered some of the best in Barolo. In the second half of the year, we took further rightsizing efforts, implementing further improvements in our direct selling compensation plans, and took additional pricing actions, all while staying focused on executing our channel expansion plans. 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. New products accounted for 14% of sales last year. [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. Yoon Ha describes several food and wine pairings. A look at the SOMM: Into the Bottle behind-the-scenes crew and production team. What-- What is a sommelier? THATS MY HANDWRITING. They recognized the family's address and their own handwriting. He is almost speechless. It's our goal to continue to move into new product categories, where we believe iconic Tupperware brand may resonate with consumers. We're in a good space. And if so, can you kind of wrap some color around what the magnitude of those increases might be? 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. 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. In terms of the U.S., the products that we've chosen are just a couple of them are very similar, where other ones are products that we never sell in the U.S. And some of them are heritage lines, which are the top sellers that we used to sell them in the U.S. but long time ago. 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. Thank you very much. Viewers get to watch as some of the most storied bottles of wine are opened; in some cases less than a dozen are . Chief among them is the high cost of living and the economic imperative of the New World, a pressure, many winemakers say, that results in more crowd-pleasing, less adventuresome wines. Meanwhile, we are investing in new products, new categories, and most importantly, new ways to reach consumers as our successful entry to Target stores in the U.S. and our creation of a healthy omnichannel ecosystem in Korea have shown us. I just had technical difficulties. [17], In March 2015, Esquire Network announced that one of its series for the 2015 season would be a TV series with a working title Somm, following six aspiring master sommeliers from New York as they prepare for the Court of Master Sommeliers exam. //
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