Scheid Family Wines Sales Fell 9%; Loss Widens in Quarter

Scheid Family Wines's total revenues were $27.7 million, down $2.7 million, a decrease of 9%. This decrease was driven by the Company's cased goods sales which decreased 6%, from $23.9 million to $22.5 million, and a decrease in bulk wine sales of 28%, from $2.9 million to $2.1 million.

The 2023 grape harvest began in late September, about three weeks later than a normal harvest season on the Central Coast, due to a cool summer growing season that has affected all of California. Scott Scheid, president/CEO, said: "We are currently about 40% complete with harvest, as compared to 80% completion at this time during the 2022 harvest. Overall yields are trending close to slightly above the Company's five-year average yields. Our winemaking team is impressed with the quality thus far; the winter rains and extended growing season have lent themselves to favorable conditions for producing high quality wine grapes."