WILLAMETTE VALLEY VINEYARDS DOWN SLIGHTLY FOR Q3 2022
Source: Wine and Spirits Daily
November 15, 2022
Willamette Valley Vineyards (WVV) reported a slight sales revenue loss for the third quarter ended September 30, down 0.5%. This decrease was driven by reduced depletions, attributed to "later availability of new vintage wines," per release, but was partially offset by an increase in direct sales due to increased retail sales in newly-opened tasting rooms this year.
"Inventory delays at the start of the year have negatively impacted our sales through distributors in the first nine months of the year.
We have also incurred additional expenses in the first nine months of the year in connection with the opening of four new tasting room and restaurant locations in 2022 as we significantly grew our footprint in the direct to consumer segment," said WVV founder and ceo Jim Bernau. "We expect higher costs and reduced margins and earnings in the near term as we bring these new locations on line."