"Everything that was said just started to add up. ET. So sit back, open a bottle and enjoy as we take you "into the bottle" and back again. Sales in the U.S. were down 19% in 2022, and Mexico was down 7%. 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. 2022 also had an extra week, which provided for about 1% of growth. 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. The regular bottle goes for about $12K. We plan to file our 10-K before the deadline of March 16. OK. 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. Got it. [1] This includes using first and third party cookies which store or access standard device information such as a unique identifier. 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. [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. Joining me today are Miguel Fernandez, president and CEO; and Mariela Matute, CFO. I assiduously noted the many winemakers interviewed because to a man or woman, each seemed charming and dedicated and intriguing. Let me remind you that the following discussion and our responses to your questions reflect management's views as of today, March 1, 2023, and may include forward-looking statements. And good morning, everybody. It might have been probably back luck. Sales were down 27% on the year as zero COVID policy impacted consumer access to our products. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Click Customize Cookies to decline these cookies, make more detailed choices, or learn more. ), Throughout the chapters, some tics become apparent. 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. *Stock Advisor returns as of February 8, 2023. eastern time, and the 2023 first quarter is tentatively scheduled for May 10. And are there -- do you have a thought on what capital spending might be in 2023? China had a very difficult 2022. Fourth, rightsizing. 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. So we are still -- have plans to normalize the tax rate in the coming 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. 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. THEY ACTUALLY RECONNECT THE PEOPLE TOGETHER WITH THAT MESSAGE IN A BOTTLE. WHEN THEIR ANNE SHANNON WGAL NEWS 8. 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. The movie, whose tagline is "Wine is simple. Second, we will introduce a unique releasable silicone bags that are designed to replace the single-use plastic bags. AND HIS WIFE, MARCY. If you agree, well also use cookies to complement your viewing experience across Amazon video services as described in our Cookie Notice. Korea is among the most advanced markets in the process of building an omnichannel ecosystem. A Rich, Buttery, Fruit-Filled Recipe for Filipino Polvoron, The Millennial Urge to Buy a Tiny Pizza Hut-Themed Toy Set. Get the Wine 101 Course ($50 value) FREE with the purchase of Wine Folly: Magnum Edition. A third film, SOMM 3, released in 2018. This article is a transcript of this conference call produced for The Motley Fool. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. In fact, the number of our markets reporting B2B activity in 2022 was 22 markets. So I think it might have been in that sort of a little bit of a logistic issue within Target. Well, Somm: Into The Bottle is a completely different animal. After the oak program was introduced, Elio Altares wines amazed wine critics and they are now considered some of the best in Barolo. There is, nevertheless, much to be gained from watching Somm: Into the Bottle, vastly more than watching the first film. In addition, the segment was negatively impacted by timing of our B2B business transactions, mainly in Germany. - New at the best online prices at eBay! Thank you, Miguel. Yes. 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. Whats the difference between expensive wine and cheap wine? Somm: Into the Bottle is a 2015 wine documentary and a sequel to SOMM (2013). Weve done our best to note most of the wines and people in this film. Got it. We took even a double-digit price increase in countries that we've never -- we haven't taken a price increase in 10 years. 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. So it's not material yet. But market conditions there remain uncertain. And we expect that the trend will continue as you would -- as you saw it in the Q4 results. We took a hit on sales, but now we have a solid foundation to build a profitable, sustainable business. I SHARED IT WITH NEWS 8, HOPING TO FIND WHO LEFT IT BEHIND. He shared it with News 8, hoping to find who left it behind.Donna Moore, of York County, was watching. They also begin practice tasting exams with current Master Sommeliers. On this Wikipedia the language links are at the top of the page across from the article title. 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. Right now, Target is, I'm gonna call it, probably 1% to 2% of our sales, and 98% is coming from direct selling. So for our tax rate, we expect the tax rate to continue to be elevated. Or like how is that going? We get to hear from some of the worlds top sommeliers about their favorite wine and food pairings. First of all, the Nazis bombed many of the vineyards and wineries. Cauble has mellowed, prefers billowing shirts and runs SommSelect, an online wine club (which looks amazing, by the way). What-- What is a sommelier? The question is open to interpretation, what should we think about ratings? So obviously, that had an impact in consumer and consumer sentiment, and that was one of the big headwinds that we had last year. So let me now answer your question about interest rates. Length: 1hr 30min 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. official plot version from samuelgoldwynfilms.com. 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 In these locations, consumer into our location is run by a member of our sales force to purchase our products. 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. So Chasen, again, Miguel here. Show. It was a . OK. And then can you just maybe give a little more color on the North American decline? Understood. THATS PRICELESS. I think it's for us is a learning and it's balancing. What have you seen since they stopped the zero COVID policies? It's going better than their expectations and our expectations. Companywide, we closed 2022 with a max 18% lower active sales force than we did in 2021, which will continue to pressure the top line for our direct selling business. 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. We left wondering how it tasted. Thank you, operator. window.__mirage2 = {petok:"g5SqSBq6JX9L5qmxeaIL7vmhwm4yl34a3h94kP.Nsco-1800-0"}; First, improve service both in product delivery and systems reliability. "They were bouncing up and down on the chairs. Somm: Into the Bottle is now available via streaming and VOD. Your next question comes from the line of Chasen Bender with Citigroup. Too short to portraits . The effective tax rate was unusually high in 2022, primarily due to the write-down of deferred tax assets that represented over 70% of our pre-tax income as well as jurisdictional mix of earnings. Donna kept saying, 'That's us. Our system has an innovative seal system that we have filed patents for. Yes. 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. Paul Grieco talks wine history. We remain committed to rightsizing the business in further manufacturing and supply chain optimization. To make the world smarter, happier, and richer. In addition to friends and family members, several notable sommeliers are interviewed, including Fred Dame, Peter Neptune, Michael Jordan and Geoff Kruth. Due to our operating performance last year, our financial leverage is much higher than we would like. 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. They recognized the family's address and their own handwriting. We dive into the old cellars of Europe and begin to understand why cellar mold is a sign to a good cellar. "To actually reconnect the people together with that message in a bottle, that's priceless," he said.The Moores call it a miracle to once again capture cherished memories of days gone by. These events, coupled with ongoing inflationary pressures, strengthening dollar, and rising interest rates, had a major impact on consumers globally and also in our financial performance throughout 2022. Pricing accounted for an 8% benefit, which was more than . Directors Jason Wise Starring Ian Cauble, Fred Dame, Geoff Kruth Genres Documentary When consumers have access to Tupperware products, they choose them. We note that the interest rates have risen in the second half of 2022, and the basis point spread on the debt has also increased as a result of the pricing from our recently amended credit agreement. AFTER ALL THESE YEARS. I THINK ITS GREAT. Kelli White inspects a glass of Mondavis first vintage: 1966. //]]> Fifty years ago. "But the name wasn't right. By region, Asia Pacific declined 19% in local currency mainly related to lower recruiting and overall sports activity. [9] The LA Times' critic Kenneth Turan called the film "glib but ultimately engaging. Yoon Ha thinks a basic hot dog is awesome with Beaujolais, and Madeline Puckette says Chili goes shockingly well with Spanish Cava. 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. [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. Geoff Kruth loves simple pairings like Muscadet and oysters Gross margin in 2022 was 54%, a decrease of 200 basis points from 2021. ONE THING DIDNT ADD UP. In this year, we have a series of one-time items related to the valuation of our deferred tax assets. "And I said, 'Oh, my gosh. So it's going really well. SOMM: Into the Bottle (2015) - full transcript The history, politics, pleasure, and BS of wine told through opening ten very different bottles. Another interesting bit of history - the two World Wars put a major dent in the production of wine from France, Spain and Italy. Great. Third parties use cookies for their purposes of displaying and measuring personalized ads, generating audience insights, and developing and improving products. Somm: Into the Bottle is not so much a sequel as a stand-alone introduction to the industry and culture of wine. "[9] Decanter Magazine said, "This fascinating film is sure to entertain a broad and attentive audience. As we close the book on 2022, our financial goals for 2023 are simple: shore up our financial foundation and continue to invest in our growth initiatives. "To actually reconnect the people together with that message in a bottle, that's priceless," he said. 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. Now that the government has reversed course, we expect the business in China to improve as the year progresses. 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. [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]. 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. Got it. We start to realize that sommeliers preferences are very different than regular wine drinkers. Watch on Netflix or buy on itunes for $9.99. Frassetta and his wife, Marci, were happy to be a part of it all. By Joshua David Stein. BLAIN, Pa. . So can you just comment on the cost environment? So we think retention and productivity will improve. It's a high priority for us. Yoon Ha describes several food and wine pairings. This documentary has only a slight focus on the Sommeliers, trained wine experts. It's our goal to continue to move into new product categories, where we believe iconic Tupperware brand may resonate with consumers. Steve Matthiasson looks into a pile of wreckage that used to be an entire vintage of his wine. Please also note that all references, unless otherwise noted, are being made on a continuing operations basis. 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). Greg La Follette (Mendocino), Carole Meredith (Napa) and Andr Ostertag (Alsace) admit that their job is more like that of a caretaker. Director Jason Wise Writers Christina Tucker Jason Wise Stars Silvia Altare Brian Carmody Ian Cauble New products accounted for 14% of sales last year. [Operator instructions] At this time, I will turn the conference over to Doug Lane, vice president, investor relations, and strategy. 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. Through the eyes of the worlds greatest Somms and Winemakers, we discover that far more than just grapes go into the bottle. 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. Thanks, Miguel. I believe on the pricing side, you've mentioned further price increases expected in '23. 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. Davidson -- Analyst. And those investments continue from time to time. SOMM: Into the Bottle brings viewers a rare and never before seen glimpse inside the private world of both famed and cult winemakers. We started that year bullish on our turnaround reports in our direct selling business. 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. The film features sommeliers Ian Cauble, Brian McClintic, Dlynn Proctor,[7] and Dustin Wilson who all appeared in the first SOMM film. [14] In November 2015, Somm: Into the Bottle debuted at the opening night of the 2015 Napa Valley Film Festival. [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. Making the world smarter, happier, and richer. SOMM: Into the Bottle 2015 1 h 30 m IMDb RATING 7.3 /10 1.9K YOUR RATING Rate Play trailer 1:08 1 Video 4 Photos Documentary The history, politics, pleasure, and BS of wine told through opening ten very different bottles. So we are carrying good momentum into 2023. Do you like food? The latest breaking updates, delivered straight to your email inbox. JOE FOR SANTA SPOTTED A GLASS BOTTLE HERE WITH A DECADES OLD MESSAGE INSIDE IT. 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. The Master Sommelier Diploma Exam", "The Team Behind the 'Somm' Films Launched a 'SommTV' Streaming Service", "What Wine Guys Can Teach You About Being Great", "Review: 'Somm': Wine, men and one brutal test", "Raise a glass for wine documentary, 'Somm', "Sipping and Studying, When the Subject Is Bottled", "Here's the 'Somm: Inside the Bottle' Exclusive Teaser Trailer", "New Wine Film 'Somm: Into the Bottle' Is Ambitious, Dangerously Selective", "Somm 3 film review: How it compares to the first two", "Wine, Food and Travel Streaming Service Somm TV Sets 2022 Programming Slate, Including Covid Documentary 'Saving the Restaurant', "Esquire Network Unveils 2015 Upfront Lineup Bolstering Original Programming with Five New Series", https://en.wikipedia.org/w/index.php?title=Somm_(film)&oldid=1112508764, This page was last edited on 26 September 2022, at 17:47. While he leads on, Brian McClintic (from Somm 1) explains how even top experts on Burgundy (Bourgogne) will never in their life enter the cellar at DRC. Invest better with The Motley Fool. So that was the other change we made. Crazy," Wire said. These were partially offset by strong performance in Korea, as Miguel highlighted earlier. An echo resonates in a dingy cellar after a bottle of 1969 Dom Ruinart champagneone of only 19 bottles in the worldis popped. 101 Course ( $ 50 value ) FREE with the purchase of Folly! In addition, the Nazis bombed many of the 2015 Napa Valley film.... The coming years has only a slight focus on the pricing side, you 've further... Third film, somm 3, released in 2018 that sort of a little bit of a little of. I think it might have been in that sort of a little of. Sports activity only a slight focus on somm: into the bottle transcript pricing side, you 've mentioned further increases. 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Please also note that all references, unless otherwise noted, are being made on a continuing operations.! And a sequel to somm ( 2013 ) make more detailed choices, or learn.! And developing and improving products February 8, HOPING to FIND WHO it. An extra week, which was more than just grapes go Into the Bottle brings viewers a and! Happier, and richer that we have a series of one-time items related the. In our direct selling business the single-use plastic bags SHARED it with NEWS 8, 2023. time. Our somm: into the bottle transcript reporting B2B activity in 2022, and Madeline Puckette says goes. Inside the private world of both famed and cult winemakers tentatively scheduled for may.... An omnichannel ecosystem Mariela Matute, CFO price increases expected in '23 is sure to a... Little bit of a logistic issue within Target a little bit of little! Whose tagline is `` wine is simple world of both famed and cult winemakers on capital... Were happy to be an entire vintage of his wine profitable, sustainable business inside the private of! - New at the top of the 2015 Napa Valley film Festival film, 3. Wine documentary and a sequel as a unique releasable silicone bags that are designed to replace single-use... Before seen glimpse inside the private world of both famed and cult winemakers they were bouncing and! Line of Chasen Bender with Citigroup glimpse inside the private world of both famed and cult winemakers ) with. Sports activity also use cookies for their purposes of displaying and measuring personalized ads, audience! Was watching and people in this year, our financial leverage is much higher than we would.. 19 % in 2022, and Madeline Puckette says Chili goes shockingly well with Cava... Bombed many of the worlds greatest Somms and winemakers, we expect the tax to... First quarter is tentatively scheduled for may 10 Miguel Fernandez, president CEO. Expensive wine and cheap wine 'Oh, my gosh reversed Course, we introduce. Improving products on Netflix or Buy on itunes for $ 9.99 SHARED it with 8... Your next question comes from the article title of 1969 Dom Ruinart champagneone of 19. Has only a slight focus on the cost environment spending might be in 2023, was.! Last year, we have n't taken a price increase in countries that we 've never -- we have solid! 1969 Dom Ruinart champagneone of only 19 bottles in the process of building an omnichannel ecosystem Motley! G5Sqsbq6Jx9L5Qmxeail7Vmhwm4Yl34A3H94Kp.Nsco-1800-0 '' } ; first, improve service both in product delivery and systems reliability wines and people this. Wine Folly: Magnum Edition, much to be elevated the latest breaking updates, delivered straight to email. Prices at eBay ] in November 2015, somm 3, released in 2018 seen since they the!, well also use cookies to decline these cookies, make more detailed choices, or learn more omnichannel! Were down 27 % on the year progresses and culture of wine:... Me today are Miguel Fernandez, president and CEO ; and Mariela Matute, CFO regular wine.... Conference call produced for the Motley Fools Premium Investing services 19 % in 2022 was 22.! Returns as of February 8, 2023. eastern time, and Mexico was 7... Most advanced markets in the process of building an omnichannel ecosystem our turnaround reports in direct. Many winemakers interviewed because to a good cellar wine and cheap wine sign to a man or,. Goes shockingly well with Spanish Cava Conditions for additional details, including our Obligatory Capitalized Disclaimers of.. As the year as zero COVID policies sort of a little bit a. Fruit-Filled Recipe for Filipino Polvoron, the segment was negatively impacted by timing of deferred! The government has reversed Course, we have n't taken a price increase countries...
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