Willamette Valley Vineyards, Inc. reports revenue for the three months ended March 31, 2021, totalled $5,765,338, 11.6%, below the like year-earlier period. This decrease was caused by a decrease in shipments to distributors of $1,110,429 being partially offset by an increase in direct sales of $353,872 in the current year three-month period over the same period in the prior year, the company said.
The decrease in revenue from the distributors was primarily attributed to the timing of orders, shipments from the winery and inventory management from distributors as first quarter depletions from distributors to their accounts rose 9% from the same period of the prior year and orders from distributors through April are ahead of the previous year.
Net income for the three months ended March 31, was $122,685 and $787,082, respectively, a decrease of 84.4%, in the first quarter of 2021 over the same quarter in the prior year.
Jim Bernau, Founder and CEO of the winery said “”Through to today, the Company’s sales performance has never been higher – remarkable given many of our restaurant accounts are just starting to order this year. As a result, we are installing an additional 50,000 cases of winemaking capacity this summer and have contracted for more wine-grapes in hopes of meeting increasing distributor demand.
“Additionally, we are in the early stages of developing new Willamette Valley Vineyards winery restaurants in Lake Oswego, Bend, Happy Valley and on the Vancouver Washington Waterfront so far, with the first expected to open late this year. The new sparkling winery south of Dundee is on schedule to open in late Spring of next year with the Highway 99 widening construction at the entrance currently underway.”