Willamette Valley Vineyards Posts results for Q3 2023

About this update from Willamette Valley Vineyards, Inc.

[{"type":"text","content":"SALEM, Ore., Nov. 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 $0.17 and $0.29 for the three months ended September 30, 2023 and 2022 respectively, a decrease of $0.12, for the three month period ended September 30, 2023 over the same three month period in the prior year. \n\n \n \n \n \n \n \n\n \nSales revenue for the three months ended September 30, 2023 and 2022 were $9,348,066 and $7,602,878, respectively, an increase of $1,745,188, or 23.0%, in the current year period over the prior year period. This increase was caused by an increase in sales through distributors of $412,728 and an increase in direct sales of $1,332,460 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 September 30, 2023 and 2022 was $5,684,578 and $3,894,183, respectively, an increase of $1,790,395, or 46.0%, in the current year three-month period over the same prior year period.\nSelling, general and administrative expenses for the three months ended September 30, 2023 and 2022 was $5,967,346 and $5,120,218 respectively, an increase of $847,128 or 16.5%, 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 $577,384, or 15.3% and an increase in general and administrative expenses of $269,744, or 20.0% in the current quarter compared to the same quarter in the prior year.\nNet loss for the three months ended September 30, 2023 and 2022 was $326,982 and $949,821, respectively, a decrease of $622,839, or 65.6%, in the third quarter of 2023 over the same quarter in the prior year. \nJim Bernau, Founder and CEO of the winery said \"The 3rd Quarter results show we have achieved our Board's long term strategic goal of 50% of revenues coming directly from wine consumers. Retail sales in this Quarter grew 39% from the prior year's. The Gross Margin from these retail sales grew to 69%. Gross Profit ...

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