News Briefs for October 25, 2018
October 25, 2018•Ste. Michelle Wine Estates posted net revenues up 3.8% to $489 million for the nine months through September, parent company Altria reported, representing the first nine months of its fiscal year. Operating income fell 11% to $73 million for the nine-month period, due to higher costs (including one-time employee bonuses), partially offset by a premiumizing product mix and higher shipments. Ste. Michelle’s shipment volume rose 2.4% to 5.9 million cases during the period. Earlier this month, Altria was reported to be in talks toward taking a stake in Canadian cannabis producer Aphria.
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