Viña Concha y Toro has reported lower first-quarter profits amid falling sales in the UK and the US.
The Chilean wine giant said its revenue from ordinary activities fell 7.8% to 192.61bn pesos ($214.8m) in the first quarter.
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The decline in sales contributed to a 29.1% drop in profit from operating activities dropped 29.1% to 15.22bn pesos.
Profit attributable to the owners of the parent company declined 36.3% to 8.78bn pesos.
“The first quarter of 2026 has been marked by disciplined execution in a challenging global environment, where Viña Concha y Toro has maintained a solid trajectory, prioritising profitability and the value of our strategic brands,” Concha y Toro chief executive Eduardo Guilisasti said:
Sales of wine, which account for the majority of group sales, fell 7.9% in value to 178bn pesos. Volumes were down 6.8%.
Concha y Toro’s total volumes fell 7.5% year-over-year but revenue in dollars was “stable” versus the same period last year “driven by higher average prices in dollars in export markets and the United States”, the group said.
In the group’s export markets, revenue slipped 2.2% in Chilean peso terms to 131.8bn pesos.
Europe, the group’s largest market, sales declined 2.1%, attributed mainly to a 4.6% drop in sales in the UK.
The company said the UK fall was “largely due to a 4% volume reduction”, mainly affecting its Casillero del Diablo and Isla Negra brands.
The US saw a bigger drag. Sales revenue in the market tumbled 32.2% to 25.36bn pesos, with volumes down 30.1%. Concha y Toro said the decline reflected “inventory adjustments” due to “market distribution disruptions and a timing mismatch”, adding the effect should unwind through the year.
Guilisasti added the US “represents our primary source of operational uncertainty, as it is undergoing a critical transition in distribution”.
The company’s home market of Chile made up 11.7% of wine sales by value in the quarter.
Sales in Asia fell 21.2% in value terms, driven by a 34.1% drop in Japan and a 13.4% fall in China.
South Korea was an exception, growing 3.1%. For the rest of 2026, Guilisasti projected “strong growth across Latin America, Europe, Asia and Canada”.
“These markets are responding positively to our premium brand strategy, which forms the foundation of our confidence in targeting single-digit growth this year,” the CEO added.
Last month, Concha y Toro carved out Viña Amelia as an independent subsidiary to “deepen specialisation, strengthen brand identity, and seize new opportunities in the global premium wine segment”.
The group followed a similar approach with Viña Don Melchor, which became an independent subsidiary of Concha y Toro in 2019.
