Duckhorn Portfolio reports net sales in the fiscal fourth quarter, ended July 31, were $70.9 million, up 35.7% from year-earlier level. Net income was $7.4 million, reversing a year-arlier loss of $2.7 million.
For the full year, sales rose 24.4% to $336.6 million, and net income nearly doubled, to $56 million, or 52 cents a share, from $32.4 million, or 32 cents a share, a year earlier.
“I am very pleased to report that we have exceeded our expectations, with a strong fourth quarter that caps off an exceptional year for Duckhorn,” commented Alex Ryan, President, Chief Executive Officer and Chairman. “Our brand equity, diversified omni-channel platform and highly flexible supply chain position us very well to capitalize on the heightened interest and demand for high-quality wine, all of which contributed to another period of robust sales and volume growth. Importantly, we continue to achieve profitable results in an environmentally sustainable manner.”
Duckhorn said its “Decoy and Duckhorn Vineyard winery brands outpaced the rest of the portfolio, and Wholesale-to-Distributor sales growth exceeded the growth of our California Direct-to-Retail and DTC channels. On a like-for-like basis, pricing changes were immaterial to our results” for the fourth quarter.