Vintage Wine Estates reports a 68% growth (organic, up 44%) in revenue, or $32 million. Acquisitions represented $11.4 million of that revenue. VWE earned $2.8 million, or 5 cents a share, in the FY 2022 fiscal quarter. A year earlier the company recorded a $900,000 loss.
Pat Roney, founder/CEO, said VWE’s direct-to-consumer channel “continues to validate the success of our omnichannel strategy by reaching the consumer through multiple touch points. Our tasting room traffic is outperforming as more people are exploring new entertainment options and we deliver a great experience. Importantly, this activity has not cannibalized our ecommerce traffic, which has held relatively stable. The acquisition of Meier’s at the beginning of the quarter drove our B2B results, as well as our ability to deliver for our customers’ private label programs. We are ecstatic about the continued success of our Bar Dog brand, but equally excited regarding the strong market appeal for our Firesteed, Photograph and Clos Pegase brands, as well. We believe that, similar to our omnichannel marketing strategy, a multibrand portfolio will help drive our growth.”
Supply chain issues are providing persistent headwinds, he said, but the “deep experience of our team enables our ability to quickly pivot on bottling schedules and brands and our very collaborative culture links our production and marketing teams which enables rapid decision making to keep operations running. Inflation is yet another issue we are addressing. We are expecting price to begin to flow through and help offset rising costs beginning in the fiscal fourth quarter.”