US: Willamette Valley Vineyards toils in Q3 but YTD still smiles
- Net profits in year to date rise by 17% to US$671,758
- Net sales in nine months to end of September fall by 3.2% to $8.7m
- Operating profits dip by 8.8% to $1.5m
Willamette Valley Vineyards continued to see its sales struggle in 2012, but net profits in the year-to-date remain healthy thanks to a change in distribution.
The Oregon-based wine producer said late yesterday (13 November) that net profits in the first nine months of this year increased by 17% to US$671,758. Sales in the period dipped slightly, however, by 3.2% to $8.7m, with operating profits falling by 8.8% to $1.5m.
Losses from discontinued operations in the YTD were down sharply, by 57.5% to $151,606
In August, the firm posted flat sales, inching up by 0.4% year-on-year.
For the third quarter, net profits tumbled by 28% to $268,228 as sales decreased by 7.8% to $3.2m. Operating profits fell markedly, by 29.2% to $581,057. The Q3 sales fall was blamed on an additional month's Oregon wholesale revenue in August last year, when the firm finished its final month of self-distribution while also stocking the new distributor in advance of the start of the new arrangement in September.
Selling, general and administrative expenses climbed in the quarter by 13.8%, Willamette Valley said, as it upped its sales efforts “to compensate for changing from self-distribution in Oregon, to selling through a wine wholesaler”.
To view the company's official YTD statement, click here.
For just-drinks' coverage of Willamette Valley's Q2 and H1 results, click here.
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