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. In 2022, Korea surpassed Indonesia, our third-largest market in the Asia Pacific region, behind China and Malaysia. Elsewhere among our big 4, the U.S. and Mexico were impacted by nonrecurring and overall sales force productivity as well as lower volumes due to price increases. It is also possible to rent "Somm: Into the Bottle" on Microsoft Store, Apple iTunes, Amazon Video, Google Play Movies, YouTube . But obviously, we need to wait for the consumer reaction in this next three, four months. The results exceeded our expectations as we exited the quarter with a 10% category market share. Nothing seems longer and more impressive than a bottle of 1870 Lafite , which is one of the 4 original estates to receive Bordeaux 1st growth classification in 1855 (just 15 short years before). By Brian D. Renner Jan. 25, 2016. We follow Aubert de Villaine, the current winemaker/co-owner of DRC down a stone stairway into a dark room. In a coda to the film, one year later Ian reattempts the exam and becomes the 197th Master Sommelier, and DLynn is still busy studying. 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. Dlynn Proctor drinks a 100-point wine and describes it. So we continue to prioritize our investments and balancing our decisions with our desire to delever this company and reduce debt over time. Whats the difference between expensive wine and cheap wine? 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. So I think it might have been in that sort of a little bit of a logistic issue within Target. Anthony Lebiedzinski -- Sidoti and Company -- Analyst. Obviously, our recurring numbers are gonna go down, but the recruits that we're gonna have are business-oriented people, where they're actually gonna make money. 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. 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. This year, we're moving into new product categories. 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. We plan to file our 10-K before the deadline of March 16. The four candidates appearing as themselves are Ian Cauble, Brian McClintic, Dustin Wilson and DLynn Proctor. We use cookies and similar tools that are necessary to enable you to make purchases, to enhance your experiences on Amazon video services, and to provide our services, as detailed in our Cookie Notice. 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. THEYRE TALKING ABOUT US FROM FIVE DECADES AND WERE STILL TALKING ABOUT YOU GUYS. We're learning from this success and are sharing best practices in many markets around the world, throughout this 2023. Why do Sommeliers love Riesling so much? In addition to friends and family members, several notable sommeliers are interviewed, including Fred Dame, Peter Neptune, Michael Jordan and Geoff Kruth. The film also tackles wine as it intersects with politics, pleasure, world war, natural disasters, religion, and the age old question, Can a bottle be worth thousands of dollars or is it just great marketing? 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. SOMM begins a countdown leading to the exam at the end of the film. 2023, Hearst Television Inc. on behalf of WGAL-TV. Watch on Netflix or buy on itunes for $9.99. Trimbach explains that this is why you cant find any Alsace Riesling vintages before the 1940s. At that time, it was a way to keep the recurring engine running during the time of limited in-person activities. In Mexico, we will introduce new products in our core food storage categories, such as packable freezer mate and cold savers, as well as one-touch fresh food storage containers with easy-to-close and open lids, which is one of our newest global products. Digital rental or purchase allows you to instantly stream and download to watch anywhere and anytime on your favorite devices. ET. 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. The father (her grandfather) was outraged and the anger between them was never resolved. Dr. Rowald Hepp may be their winemaker, but he seems aware that he is simply part of the Schlosss history. WHEN THEIR ANNE SHANNON WGAL NEWS 8. Donna kept saying, 'That's us. The follow up to writer/director Jason Wises 2013 cult-hit SOMM. 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. To learn more about how and for what purposes Amazon uses personal information (such as Prime Video Watch History), see our Privacy Notice. Then we meet Harvard Professor Steven Shapin, a historian who goes into detail about what wine was like in Roman times, including the so-called Golden Wine. Paul Grieco chimes in about how wine was designed to be drunk and enjoyed in ancient times. Ian Cauble (from the 1st Somm film) opens his bottle of 1985 Elio Altare Barolo and tells us the story. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. 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. If you agree, well also use cookies to complement your viewing experience across Amazon video services as described in our Cookie Notice. In addition, the segment was negatively impacted by timing of our B2B business transactions, mainly in Germany. "And I said, 'Oh, my gosh. So you're right, competing is not the right word. So we are carrying good momentum into 2023. Thank you, Doug. Just wanted to confirm if that's still the case. Did the 2013 documentary Somm really need a sequel? 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. The documentary goes into everything that was sorely missed in the first film: what is wine? ONE THING DIDNT ADD UP. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Do you like movies about food? China had a very difficult 2022. 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. I CAME UP 74 THE WHOLE WAY. So actually, it was last week in China. Somm: Into the Bottle is a 2015 wine documentary and a sequel to SOMM (2013). 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. 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. Well, thank you very much for being with us this morning. "They were bouncing up and down on the chairs. And as we do that, it would take some time to match our tax structure to our countries where we are rapidly growing. Donna Moore, of York County, was watching. And just given how much cost inflation there's been this year, is there any way to dimensionalize how much of that inventory is kind of up on a volume basis? Understood. He's launching some project called Viticole this year. 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. How should we think about that? 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. In fact, we're running slightly ahead of scale. And in fairness, each chapter contains some really interesting stories. It covers ten different chapters using ten different wines that are opened throughout the film. You know, Your next question comes from the line of Chasen Bender with Citigroup. AND I SAID, OH, MY GOSH. Excluding unfavorable currency exchange, sales declined 14%. 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 AND HIS WIFE, MARCY. Whetstones New Agency Wants to Represent It. OK. Well, that's all I have here. Our excitement in general was dampened by a February conflict in Europe and the COVID lockdown in China in March. Rent 5.49. But as in the past, we reacted quickly to external challenges. Check on our side. 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. Great. Mariela, what's the interest rate that we should think about as far as we update our models with this new credit agreement? It would also allow us to jump right into Q&A on the call after brief introductory remarks. "[9] Decanter Magazine said, "This fascinating film is sure to entertain a broad and attentive audience. Pricing accounted for an 8% benefit, which was more than offset by a decline in unit volume of approximately 22%. 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. For the next year, I will expect the tax rate to be higher, excluding these deferred tax assets write-down. Thanks, Miguel. [4] The chapters include The Winemaker, The Vintage, The History, The Wars, The New World, The Cost, The Barrels, The Point Scores, The Sommelier, and The Memory. So first, wanted to see if you guys can talk about China. 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. 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