Willamette Valley Vineyards Posts results for Q2 2023

About this update from Willamette Valley Vineyards, Inc.

[{"type":"text","content":"SALEM, Ore., Aug. 14, 2023 /PRNewswire/ -- Willamette Valley Vineyards, Inc. (NASDAQ:WVVI) (the \"Company\"), a leading Oregon producer of Pinot Noir, generated a loss per common share after preferred dividends of $0.08 and $0.04 for the three months ended June 30, 2023 and 2022 respectively, an increase of $0.04, for the three month period ended June 30, 2023 over the same three month period in the prior year. \nSales revenue for the three months ended June 30, 2023 and 2022 were $10,726,243 and $8,700,861, respectively, an increase of $2,025,382, or 23.3%, in the current year period over the prior year period. This increase was caused by an increase in sales through distributors of $337,579 and an increase in direct sales of $1,687,803 in the current year three-month period over the prior year period. The increase in revenue from sales through distributors was primarily attributed to more availability of new vintage wines compared to the prior year. The increase in direct sales to consumers was primarily the result of retail sales in new tasting rooms in 2023.\nGross profit for the three months ended June 30, 2023 and 2022 was $6,250,578 and $4,827,257, respectively, an increase of $1,423,321, or 29.5%, in the current year three-month period over the same prior year period.\nSelling, general and administrative expenses for the three months ended June 30, 2023 and 2022 was $5,941,739 and $4,382,814 respectively, an increase of $1,558,925, or 35.6%, in the current quarter over the same quarter in the prior year. This increase was primarily the result of an increase in selling and marketing expenses of $1,330,430, or 44.1% and an increase in general and administrative expenses of $228,495, or 16.8% in the current quarter compared to the same quarter last year.\nNet income for the three months ended June 30, 2023 and 2022 was $108,453 and $257,401, respectively, a decrease of $148,948, or 57.9%, in the second quarter of 2023 over the same quarter in the prior year.\nJim Bernau, Founder and CEO of the winery said \"The Company' sales growth of over 23% in this quarter is a strong signal our expansion strategy is working. I believe that the production management improvements made last year will lead to improved margins and product availability, and that we just need to sell through the 2021 vintage to get to better margins.\nI am an...

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