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

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

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