Willamette Valley Vineyards FY24 Loss Narrows

(RTTNews) - Willamette Valley Vineyards, Inc. (WVVI) on Tuesday reported narrower loss for fiscal 2024, particularly helped by lower labor operating expenses and higher product price. Net sales revenues also climbed from last year.

The company posted net loss of $2.37 million or $0.48 per share in full year 2024, compared with $3.25 million or $0.65 per share looss a year ago.

The grapes winery company's pre-tax loss narrowed to $0.35 million, in contrast to pre-tax loss of $1.69 million last year.

In fiscal 2024, the company posted net sales revenues of $39.78 million, a 1.7 percent increase from $39.14 million in the prior-year. Net sales revenues benefited from a 3.6 percent jump in revenue from direct sales.

Gross profit for the year climbed 7 percent to $24.19 million from $22.56 million, mainly due to higher product prices and a higher percentage of total sales coming from direct sales in fiscal 2024 compared to a year ago.

Income from operations came in at $0.57 million, compared to a loss of $1.21 million a year ago.

Looking ahead, Jim Bernau, Founder and CEO, said, "Given current declining sales trends in our industry, the company believes it will benefit from the increase in the number of retail locations recently established as their operations mature. The wine market, both in sales directly to consumers and through wholesalers to their restaurant and retail accounts, is changing and I believe that our unique wine enthusiast ownership strategy gives us the opportunity to produce long term shareholder value."

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