By Alan Hatfield
Luxury winemaker The Duckhorn Portfolio, Inc. (NYSE: NAPA) today raised its fiscal 2022 net sales and adjusted EBITDA guidance following a solid third fiscal quarter.
Net sales came in at $91.6 million, an increase of 1.3% versus the prior year period, as the company’s Duckhorn Vineyards and Decoy labels led growth. Annual net sales guidance has subsequently been raised to a range of $369 to $373 million.
Adjusted EBITDA was reported at $32.9 million, representing no change on the year, although adjusting for public-company costs since Duckhorn’s IPO, there was a 2.9% rise. Annual adjusted EBITDA guidance has been raised to a range of $125 to $128 million.
Duckhorn is a luxury-focused winemaker whose portfolio includes the flagship Duckhorn brand along with Decoy, Kosta Browne and several others. The company went public in March 2021.
“As we celebrate a full year of being a public company, we are proud to have established ourselves as the only pure-play luxury wine player of scale and are pleased with our strong, consistent financial performance,” said President, Chief Executive Officer and Chairman Alex Ryan. “The power of our portfolio and our ability to capitalize on the growing demand for luxury wine was evident in the quarter as we continue to achieve positive top line results against robust year-over-year comparisons and gain share in a dynamic market.”