US: Willamette Valley Vineyards posts YTD profits jump as sales rise
- YTD net profits up 56% to US$1.05m
- Net sales up 11% to $9.7m
- Operating profits up 18% to $1.8m
- Q3 net profits down 13% to $232,066
Willamette Valley is building a new hospitality centre
Willamette Valley Vineyards has posted a jump in year-to-date profits as increased sales bolstered its bottom line.
Net profits rose by 56% to US$1.05m in the nine months to the end of September, the Oregon-based wine producer said yesterday (13 November). Net sales were up by 11% to $9.7m in the same period while operating profits climbed 18% to $1.8m.
In the third quarter, net profits fell by 13% to $232,066, with the company blaming timing differences between quarters.
Jim Bernau, Willamette's president & founder, said: “We're excited to roll out our new food and wine experience as we wrap up our hospitality centre expansion project. Helping our customers to understand the relationship of our wines to various food options should build our brand loyalty as well as expand sales to the retail customer.”
The drop in Q3 profits has tempered Willamette's strong first half, when H1 profits doubled. Q2 profits were up by 137% as sales jumped by 26%.
To read the company's full results, click here.
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