US: High demand hits Willamette Q3
Willamette Valley Vineyards has seen income take a hit in quarter three, but remains ahead for the year so far.
The Oregon-based company said earlier this week that net income for the three months to 30 September reached US$228,063, compared to $318,246 for the corresponding period a year earlier. Revenues in the period slipped by 9%.
For the first nine months of the year, however, net income is sitting at $844,563 against $682,525, while revenues are up by 10%.
Willamette warned that demand for its products continues to exceed available inventories, thereby hitting its figures for the third quarter. This lack of available inventory is a result of high demand experienced in the recent past, the company said, and of previous sales made to distributors, which has drawn down available supplies.
"The distributor orders for our Pinot Noir and Pinot Gris have exceeded our remaining inventory," said company founder and CEO Jim Bernau. "We are increasing production but it takes time and care to go from new vines to cellar aged wine."
Willamette noted, however, that this year's harvest will help efforts, with volumes coming in at around 20% higher than expected.
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