Duckhorn Portfolio reports second quarter sales were $103.5 million, an increase of $3.8 million, or 4.8% from the year-earlier quarter. Net income slipped less than a percentage point to $14.9 million, or 13 cents a share, from $17.9 million, or 16 cents a share.
“Our second quarter results are a testament to the successful execution of our growth strategy as we continue to consistently take share and outperform our peers in the high growth luxury subsegment of the wine industry,” said Alex Ryan, president/CEO and chairman. “Our robust performance in the first half of the year reflects both the strength of our luxury portfolio and the resilience of our customers, who continue to trust and choose our winery brands.”
Ryan continued, “On the back of another strong quarter, we are raising and tightening the ranges of our Fiscal 2023 net sales, adjusted EBITDA and adjusted EPS guidance. We have a proven track record of delivering profitable, sustainable growth and remain confident in reaching our upwardly revised financial guidance in 2023 and maximizing shareholder value in the years to come.”
The increase in net sales was driven by positive price/mix contribution, mainly attributable to strong DTC channel performance, including the second quarter Kosta Browne offerings that were met with robust demand, the company said. Price increases primarily taken in our wholesale channels further supported price/mix contribution, which more than offset lower volume contribution than the prior year period.