Ste. Michelle Closes Challenging Fiscal Year, As On-Premise Shutdown Takes A TollJanuary 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 MarstellerSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.
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