Luxury Winemaker Duckhorn FY22 Sales Climb 11% on Customer Resilience
By Jarrett Banks
Luxury winemaker The Duckhorn Portfolio, Inc. (NYSE: NAPA) saw fiscal 2022 sales climb from a year earlier as its core customers showed resilience amid macro uncertainties.
Net sales were $372.5 million, an increase of 10.7%, versus the prior year, it said in a statement. The company attributed the jump in sales to its “exemplary product offering, differentiated go-to-market strategy, prudent growth investments and strong relationships.”
Gross profit was $185.2 million, an increase of $17.8 million, or 10.5%, versus the prior year, while gross profit margin was 49.7%, the same as the prior year, it said. Duckhorn’s portfolio includes the flagship brand along with Decoy, Kosta Browne and several others. The company went public in March 2021.
Net income was $60.2 million, or $0.52 per diluted share, versus $56.0 million, or $0.52 per diluted share in the prior year. In the fourth quarter, net sales were $78.0 million, an increase of 10.% versus the prior year period.
“Our results reflect sustained, healthy share gains within luxury wine, which benefits from the continued premiumization tailwind,” said CEO Alex Ryan. “Looking to fiscal year 2023, we believe we are well-positioned to continue to outpace the growing luxury wine segment.”
Duckhorn said it sees fiscal 2023 revenue of $393 million to $401 million and adjusted EPS of $0.62 to $0.64, versus the consensus of $400.15 million and $0.67.
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