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New words:
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Aid, Airstream, apple, AVA, bad, broke, capable, CDC, Cekay, closed, commencing, contact, Craig, DCV, declined, dedicated, DeLong, Dial, distancing, doubtful, Equinox, essential, exclusive, Extensible, fallow, Fender, Flexibility, fresh, Grenache, ground, Henkel, Hypercom, implemented, implementing, individually, initial, intermittent, judgement, Language, lease, leased, leasing, length, Michael, Musical, Patrick, Paycheck, permanent, PPE, PPP, practicing, prevent, privately, protected, reclassified, Relief, renewal, reopening, restatement, restricting, restructuring, safe, SBA, screening, season, shift, shifted, small, soil, spacing, taint, temporarily, tenant, Umatilla, uncollectable, utilizing, varying, waived, Western, wildfire, Yamhill
Financial report summary
?Management Discussion
- In this section, we discuss the results of our operations for the year ended December 31, 2023 compared to the year ended December 31, 2022. For a discussion of the year ended December 31, 2022 compared to the year ended December 31, 2021, please refer to Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2022.
- Wholesale net sales decreased $0.2 million, or 1%, in 2023 as compared to 2022, driven by a decrease in export wine sales of $0.6 million, partially offset by an increase in domestic wine sales of $0.4 million. The decrease in export wine sales was primarily driven by reduced shipments to key markets. The increase in domestic wine sales was driven by price increases partially offset by reduction in close out sales in the current year compared to the prior year.
- Direct to Consumer net sales decreased $1.4 million, or 5%, in 2023 as compared to 2022. The decrease was primarily driven by lower sales through the Ecommerce and tasting room channels, partially offset by higher sales through the wine clubs as compared to 2022. Ecommerce sales decreased due to softening demand within the channel when compared to the prior year. Sales through the tasting rooms decreased due to lower visitations across all tasting rooms with lower traffic in the first several months of the year attributable to changing consumer behavior and severe weather conditions. Wine club sales increased in the current period due to price increases when compared to the prior year period.