Exclusive news and research on the wine, spirits and beer business

Ste. Michelle Closes Challenging Fiscal Year, As On-Premise Shutdown Takes A Toll

January 28, 2021

Ste. Michelle Wine Estates saw revenues decline 10.9% to $614 million in its fiscal year through December, with adjusted operating profit falling 30% to $51 million. Shipment volume was down 12.3% for the year to 7.3 million cases, with the decline in volume somewhat offset on a value basis by higher pricing.

While the on-premise shutdown has hampered Ste. Michelle’s progress over the past year, its core Chateau Ste. Michelle brand saw solid gains in the off-premise, with volume up 8.3% in the 52 weeks through December 27, according to IRI. Industry veteran David Dearie took the helm as Ste. Michelle’s CEO on November 1, replacing Jim Mortensen.—Daniel Marsteller

Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.

Tagged :

Get your first look at 2020 data and 2021 projections for the wine and spirits industries. Order your 2021 Impact Databank Reports. Click here.

Previous :  Next :