US: Willamette Valley Vineyards returns to profits in Q1
- Q1 net profits of US$28,362, versus losses of $188,344 last year
- Operating profits of $92,734, versus losses of $272,756
- Net sales rise by 2% to $3.62m
Willamette Valley Vineyards returns to black
Willamette Valley Vineyards has returned to the black in the first quarter of 2011, boosted by lower costs and higher sales.
Stronger demand from distributors outside of Willamette Valley Vineyards' (WVV) native Oregon drove a 2% increase in company sales for the three months to the end of March, to US$3.62m. This, together with a 5.5% drop in sales costs, helped the wine group to return to the black for the quarter.
Net profits reached $28,362 versus losses of $188,344 in the same period of last year. Operating profits, meanwhile, hit $92,734, against losses of $272,756 last year.
"This quarter shows the economy is improving, lifting fine wine sales," said WVV's founder and president, Jim Bernau.
To view the company's announcement, click here.
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