Winc Revenues Fell, but So Did Loss
Winc, Inc. reports third quarter net revenue was $15.8 million, down from $18.5 million a year earlier, but its net loss narrowed to $4.2 million from $5.7 million a year earlier. Net loss for the third quarter of 2022 was $4.2 million or 33 cents a share compared to a net loss of $5.7 million or $2.55 per share a year earlier,
Wholesale net revenue of $5.5 million increased 0.8% compared to the third quarter of 2021 primarily driven by volume, reflecting a 7.2% increase in the number of cases sold, primarily driven by a one-time sale of select inventory below cost, and 15.6% growth in the number of retail accounts compared to the prior year period, the company said.
DTC net revenue of $9.9 million was down 22% compared to the same period in 2021, which the Company believes was driven primarily by lower order volume stemming from a planned decrease in digital marketing spend and a decrease in breakage revenue, partially offset by a 21.0% increase in average order value (AOV). Revenue mix continues to shift towards the wholesale channel, with the wholesale segment accounting for 35.1% of total net revenues in the third quarter of 2022, up from 29.8% in the prior year period.