Willamette Valley Vineyards reports sales of $10.73 million up 23% from the like year-earlier period. The sales increase was attributed to an increase in sales through distributors of $337,579 and an increase in direct sales of $1,687,803 in the current year three-month period over the prior year period. The increase in revenue from sales through distributors was primarily attributed to more availability of new vintage wines compared to the prior year. The increase in direct sales to consumers was primarily the result of retail sales in new tasting rooms.
Net income for the three months ended June 30, 2023 and 2022 was $108,453 and $257,401, respectively, a decrease of $148,948, or 57.9%, in the second quarter of 2023 over the same quarter in the prior year.
Jim Bernau, founder/CEO, said "The Company' sales growth of over 23% in this quarter is a strong signal our expansion strategy is working. I believe that the production management improvements made last year will lead to improved margins and product availability, and that we just need to sell through the 2021 vintage to get to better margins.