- Vintage Wine Estates Inc VWE reported Fourth quarter FY22 revenue growth of 32% year over year to $75.54 million, beating the consensus of $74.24 million.
- Segment revenue: DTC grew 29% to $23.1 million, B2B grew 55% to $30.6 million, and wholesale grew 23% to $21.6 million.
- Gross profit for the quarter was $38,000 compared to $11.1 million a year ago.
- SG&A expenses increased 60.5% to $34.6 million.
- Operating loss for the quarter increased to $(27.6) million.
- The Company held $50.3 million in cash and cash equivalents as of June 30, 2022.
- Adjusted earnings per share of $0.17 beat Street View’s $0.14.
- Telsey Advisory Group Analyst Joseph Feldman downgraded Vintage’s shares to Market Perform from Outperform and also lowered the price target to $6 from $12.
- outlook: Vintage Wine posts FY23 sales of $300 million — $310 million versus consensus of $330.37 million.
- It expects FY23 Adjusted EBITDA to be $55 million – $65 million.
- Price promotion: VWE shares are trading 28.93% lower at $3.93 on the latest premarket check Wednesday.
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