By Exec Edge Editorial Staff
The Duckhorn Portfolio, Inc.’s (NYSE: NAPA) shares rose 6% in aftermarket hours Wednesday after the luxury wine company raised guidance for fiscal 2023.
The company, whose brands include Duckhorn, Decoy adn Kosta Browne, expects net sales of $398 million to $404 million and adjusted Ebitda of $135 million to $138 million for the year ending July 31, it said in a statement.
“Our second quarter results are a testament to the successful execution of our growth strategy as we continue to consistently take share and outperform our peers in the high growth luxury subsegment of the wine industry,” commented Alex Ryan, President, Chief Executive Officer and Chairman. “Our robust performance in the first half of the year reflects both the strength of our luxury portfolio and the resilience of our customers, who continue to trust and choose our winery brands.”
“On the back of another strong quarter, we are raising and tightening the ranges of our Fiscal 2023 net sales, adjusted EBITDA and adjusted EPS guidance. We have a proven track record of delivering profitable, sustainable growth and remain confident in reaching our upwardly revised financial guidance in 2023 and maximizing shareholder value in the years to come,” Mr. Ryan said.
Sales for the second fiscal quarter through January were $103.5 million, an increase of $4.8 million, or 4.8%, versus the prior year period.