Earlier this week, Concha y Toro released results for the first quarter of 2017, showing a 48% plunge in net profits and a 3.5% dip sales. The group's total wine sales were down year-on-year by 1.7%. Here, just-drinks breaks down Concha's figures for the three-month period on a regional basis.

Concha y Toro First-Quarter 2017 - Wine Net Sales by Region

Source: Company results

  • Chile - Domestic

Sales of wine in Concha's domestic market performed well in the quarter, rising 4.2% in value on flat volumes (+0.5%). Sales from the premium segment of the portfolio increased 8.2% in value terms. Premium accounts for 32% of Concha's wine sales in Chile.

  • Chile - Exports

It was abroad where Concha felt the pinch in Q1. Export sales of its Chilean brands fell by just under 4%, despite a volumes lift of almost 6%. The appreciation of the Peso against almost all of the group's major market's currencies hit performance. The UK, which accounts for 22% of group sales, led the way, with the Peso appreciating by 23.6% against the Pound. Meanwhile, volume rises in South America (+42.6%) and Canada (+36.6%) were more than offset by the US (-5.8%), Europe (-3.9%) and Central America & Caribbean (-9.5%).

  • Argentina - Domestic & Exports

The smallest reporting division for Concha, Argentina came in flat in Q1, with a leap in domestic sales (+154%) being offset by a 25% slide in exports. The group is looking to push the premium end of its Argentina business, which comprises the Trivento brand. Exports in volume terms fell by around 32%.

  • The US - Domestic & Exports

The Fetzer business in the US did well in the period, posting a near-6% increase in sales. Both domestically (+5%) and abroad (+15%), the US unit had a good quarter. Volumes came in at 455,000 cases, driven by "dynamic" exports (+31%) and a "solid" domestic market (+11%).

Concha y Toro 2012-2016 - Click here for five-year results data