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US: Cosentino Signature Wines issues FY profit warning

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A sudden and sharp decline in sales has forced California's Cosentin Signature Wines to issue a profit warning for its full-year.

Trading for 2008 will be below expectations, Napa Valley-based Cosentino said in an update today (8 December).

The UK-listed premium wine group blamed the economic downturn for a below-average sales in October and a "steep decline" in November.

Chairman Larry Soldinger said the sales decline has been "sudden and sharp".

Cosentino's warning may raise questions about the firm's liquidity. Soldinger said: "We are continuing to take the necessary steps needed to further reduce our cost base and improve our operating efficiencies. We are also reevaluating the Company's debt position."


Sectors: Wine

Companies: Cosentino Signature Wines

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