Duckhorn Portfolio reports sales of $104.2 million in the Oct. 31 quarter, a 13.7% increase from a year earlier.
Net income was $21.3 million, or 18 cents a share, versus $17.5 million, or 17 cents a share, in the prior year period; adjusted net income was $23.5 million, or or 20 cents a share, versus $18.6 million, or 18 cents a share, in the prior year period.
“At a time of unpredictability in the macro environment, we delivered record quarterly results, both on sales and profitability, reflecting strong top line momentum across our portfolio and impressive gross margin expansion,” commented Alex Ryan, President/CEO and Chairman. “Our ability to successfully lap the nearly 40% organic volume growth we saw in the prior year quarter, well in excess of pre-pandemic levels, is a testament to our phenomenal brand strength and sound execution on growing distribution.”
Ryan continued, “The blend of our high-quality product, differentiated go-to-market strategy and reputation we’ve earned with our trade partners as a reliable supplier of luxury wine is helping to deliver consistent share gains. Given the considerable runway for distribution growth still in front of us and the resiliency we have in our supply chain to profitably pursue it, we remain confident we are positioned to keep growing well in excess of the high growth, luxury wine segment while also maintaining industry-leading margins over the long-term.”