Willamette Valley Vineyards Sales Ease 0.5%

Willamette Valley Vineyards, Inc. reports sales of $7,602,878 in the third quarter, down 0.5% from $7,641,228 a year earlier.  Sales through distributors fell $133,386, but were partially offset by direct sales of $95,036.  The decrease in revenue from sales through distributors was primarily attributed to later availability of new vintage wines compared to the prior year. The increase in direct sales to consumers was primarily the result of retail sales increases from the opening of new tasting rooms in 2022.

The company posted a lost of $949,821, reversing a prior-year profit of $456,191.  After paying preferred stock dividends which total $466,612, the net loss applicable to common shareholders was $1.42 million, vs. the year-earlier profit of $95,120, or 2 cents a share.

Jim Bernau, Founder/CEO, said:  "Inventory delays at the start of the year have negatively impacted our sales through distributors in the first nine months of the year.  We have also incurred additional expenses in the first nine months of the year in connection with the opening of four new tasting room and restaurant locations in 2022 as we significantly grew our footprint in the direct to consumer segment. We expect higher costs and reduced margins and earnings in the near term as we bring these new locations on line."