Vintage Wine Estates Eyes Full-Year Sales Of $280 Million

Santa Rosa, California-based Vintage Wine Estates posted sales up 33% to $84 million for its fiscal second quarter ended in December, with adjusted EBITDA more than doubling to $20 million. After the solid quarter, the company raised its revenue guidance for its full fiscal year ending in June to $275-$285 million, with adjusted EBITDA expected to register between $63-$66 million.

Vintage saw its direct-to-consumer revenues increase 51% to $35 million during the quarter—boosted by an 11% increase in tasting room traffic—while business-to-business sales rose 22% to $25 million on solid private label demand, and wholesale revenues advanced 15% to $22 million. “On the wholesale front, our Bar Dog brand is hitting it out of the ballpark having sold nearly 100,000 cases in calendar 2021,” said CEO Pat Roney, “demonstrating a very high velocity of turn and a relatively rare success rate in the wine industry.” Other brands in the Vintage portfolio include Girard Winery, Clos Pegase, Swanson Vineyards, B.R. Cohn, Viansa Sonoma, Cameron Hughes, Windsor Vineyards, Laetitia, and Layer Cake, among many others.

While sales are on the rise, Roney flagged challenges including the tight labor market, inflation, and supply chain disruptions. “Inflation is impacting the industry and, while we will not be a leader in price changes, we are seeing the trend and we intend to systematically implement price increases as early as March to address the inflationary impact on input costs,” he noted.—Daniel Marsteller

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