Fresh Vine Wine Depletions Up 58% in Quarter

Fresh Vine Wine, Inc. said distributor depletions in the first quarter of 2023 improved by 58% from the same year ago quarter. In the first quarter of 2023, Fresh Vine added 2,037 new Points-of-Distribution, increasing its footprint by almost a third.

Rick Nechio, Interim CEO, said, “The new year is off to a great start, led by a significant expansion and growing momentum in the retail channel. In the first quarter of 2023, this strong momentum led to a 58% improvement in distributor depletions to replenish the approximately 8,000 cases of wine that consumers pulled off retail shelves in the first quarter. Based on Nielsen Scan Data, retailer sales of Fresh Vine Wine in the 52 weeks ending Feb. 13 have increased four-fold from the comparable year ago period, or an increase of 40,874 bottles scanned at retailer registers.”

Nechio continued, “We are focused on driving sales at Retail as the key to our growth. To this end, I am excited to share that two regional grocery chains, located in California and in New England, have recently been added to our growing list of retail partners. We also added more stores in Texas, which is the second largest wine market in the country. Together, these new retail partners will increase our product availability by nearly 500 new stores. Later this year we’ll be announcing a new partnership that we expect will expand our availability from the land to the sea with a cruise line.”