By Thomas S. Green
The Duckhorn Portfolio, Inc. (NYSE: NAPA) said fiscal first quarter net income was $15.5 million, compared to $19.8 million in the prior year period.
“We delivered a quarter at the high end of our expectations as we lapped an unseasonably strong first quarter in the prior year,” said CEO and Interim President Deirdre Mahlan. “In addition, we generated 90 bps of adjusted EBITDA margin expansion on less discounting and a focus on cost management.”
Net sales were $102.5 million, a decrease of $5.7 million versus the prior year period, it said.
Duckhorn said that gross profit was $53.9 million, a decrease of $0.9 million compared to the prior year period while gross profit margin was 52.5%, up 190 basis points versus the prior year period.
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