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Duckhorn’s Sales Soar 24% To $337 Million In Fiscal Year

October 5, 2021

Newly public Duckhorn has posted a strong set of results for its fiscal year ended in July, with sales leaping 24% to $337 million and adjusted EBITDA up 11.5% to $117 million. Duckhorn’s three-tier business contributed 65.3% of sales for the year, while the company’s direct-to-retail distribution in California accounted for 16.9% and direct-to-consumer took a 17.8% share.

Duckhorn president and CEO Alex Ryan, who last week addressed the 45th Annual Impact Marketing Seminar, credited the sales increase to “our brand equity, diversified omni-channel platform and highly flexible supply chain,” and said the company is well-positioned to take advantage of increasing consumer interest in high-quality wine. Growth continues to be driven by the Decoy by Duckhorn brand, which increased 27% to 1.1 million cases last year, according to Impact Databank. The namesake Duckhorn Vineyards brand has also contributed to gains, rising 7% to 200,000 cases.

Duckhorn is expecting further progress as it gets deeper into its new fiscal year. The company is forecasting net sales of between $353 million and $360 million, and adjusted EBITDA of $118 million to $122 million in its fiscal year through next July, even as Ryan flagged a “fluid operating environment.” Despite ongoing uncertainty, he summed up, “We remain confident in our ability to continue to well-outperform the market.”—Daniel Marsteller

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