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Willamette Valley Vineyards Posts Results for Q3 2024

Core Viewpoint - Willamette Valley Vineyards, Inc. reported a net loss of $0.17 per common share for the third quarter of 2024, consistent with the same period in 2023, despite a slight increase in sales revenue and gross profit margin [1][5]. Financial Performance - Sales revenue for the three months ended September 30, 2024, was $9,370,713, representing a 0.2% increase from $9,348,066 in the same period of 2023, driven by a rise in direct sales [2]. - Gross profit as a percentage of net sales increased to 62.0% in Q3 2024 from 60.8% in Q3 2023, attributed to a higher proportion of direct sales, which have better margins [3]. - Selling, general and administrative expenses decreased by 0.4% to $5,944,620 in Q3 2024 from $5,967,346 in Q3 2023, mainly due to a reduction in selling and marketing expenses [4]. Net Loss and Operational Insights - The net loss for the three months ended September 30, 2024, was $282,945, a decrease of 13.5% from $326,982 in the same quarter of 2023 [5]. - The CEO noted that the company is adapting to market changes, with wholesalers and retailers reducing wine inventories and focusing on alternative alcoholic beverages, influenced by interest costs and inflation [6]. Strategic Initiatives - The company aims to enhance direct consumer engagement and improve outreach to wholesalers and retail accounts, leveraging its tasting rooms and hospitality experiences to drive positive results [7].