US: Willamette Valley Vineyards sees Q1 boosted by Bacchus wind down
- Q1 net profits soar to US$186,365 versus $28,362 a year earlier
- Operating profits for three months to end of March also jump, to $299,056 from $92,734
- Sales slip by 11.6% to $3.2m
Willamette Valley released its Q1 numbers yesterday
Willamette Valley Vineyards has posted a healthy jump in net profits for its first quarter, driven mainly by the winding down of its wholesale operation in Oregon.
The company said late yesterday (15 May) that net profits in the three months to the end of March came in at US$186,365, compared to $28,362 in the corresponding quarter a year earlier. Operating profits performed similarly, hitting $299,056 versus $92,734.
Sales dipped in the quarter, however, by 11.6% to $3.2m.
Willamette Valley credited the profits performances in the main to the concluding of Bacchus Fine Wines in Oregon, along with "reducing related gross income, gross profit and expenses".
Since September, Willamette Valley's products have been distributed by Young's Market in its home state of Oregon.
To view the company's announcement, click here.
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