By Exec Edge Editorial Staff
The Duckhorn Portfolio, Inc. (NYSE: NAPA) said net sales rose in the first quarter of 2023 on strong wholesale luxury wine volume.
Net sales rose 3.8 percent to $108.2 million in the quarter from a year earlier, the company said in a statement.
The company’s gross profit was $54.7 million, an increase of $2.3 million, or 4.4%, compared to the same period last year. The company’s gross profit margin was 50.6%, up 30 basis points from the prior year period. The company’s adjusted gross profit was $55.0 million, an increase of $2.2 million, or 4.2%, compared to the prior year period.
“I am proud to announce another quarter of sound execution, with net sales growth continuing to outpace the fastest growing subsegment of wine – luxury,” said Alex Ryan, President, CEO and Chairman. “Our performance reflects broad-based strength in wholesale as trade partners and consumers alike continue to confidently turn to The Duckhorn Portfolio when seeking out an exceptional, luxury wine.”
Despite a decrease in adjusted EBITDA of $2.4 million, or 6.4%, the company reaffirmed its fiscal year 2023 guidance.