US: Willamette Valley Vineyards FY profits up as sales expand outside Oregon
- Full-year net profits up 18.3% to US$1.42m
- Net sales rise 5.9% to $13.3m
- Operating profits climb 8% to $2.4m
The Oregon group reported a healthy rise in full-year profits
Willamette Valley Vineyards has seen its full-year bottom line boosted by a rise in sales outside of its home state of Oregon.
The Pinot Noir producer said today (28 March) that net profits in the 12 months to the end of December rose by 18.3% to US$1.42m. Sales in the period saw a 5.9% lift to $13.3m, as operating profits came in up 8% to $2.4m.
“The primary reasons for this increase are increased out-of-state and retail sales, partially offset by decreased in-state sales,” the company said.
The group, which trades on the NASDAQ, said its selling, general and administrative expenses rose by 4.6% to $5.3m in the 12 months.
Jim Bernau, Willamette's founder & president flagged that the company's expanded cellar and tasting room will officially open on 3 May.
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