US: Stimson Lane profit up 9.8% in Q3
The Washington state wine producer Stimson Lane Vineyards & Estates has reported a third quarter operating profit of US$7.1m, an increase of 9.8%, continuing a strong year for the company.
The wine company's revenues increased by 9.6% to US$54.7m, the company reported, driven by an increase in premium case sales of 8.4%. Leading the way was Chateau Ste. Michelle, Stimson Lane's Woodinville, Wash., winery, with sales up 9.5%.
For the nine-month period that ended Sept. 30, Stimson Lane reported that operating profit had increased by 37.6% to US$19.4m.
"Superior critical acclaim for our Washington State wines continues to generate strong sales and operating results," said Ted Baseler, president and CEO of Stimson Lane. "We remain focused on building our core brands, improving product quality and implementing cost efficiencies and asset reductions."
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