Scheid Family Wines Revenue Fell 9% in 1st Quarter, Net Loss Widened

Scheid Family Wines reports for the fiscal first quarter total revenues were $14.4 million, down $1.5 million, a decrease of 9%. The decrease was driven by the Company's cased goods sales which decreased 16%, from $13 million to $10.9 million, and was offset by an increase in bulk wine sales of 77%, from $1.0 million to $1.8 million.

The company's net loss widened to $2.4 million in the first quarter of fiscal 2024, as compared to a net loss of $2.2 million in fiscal 2023.