Vintage Wine Estates Provides Business Update And Preliminary Outlook For FY24; Sees FY24 Revenue $290M Vs $270.93M Est
Portfolio Pulse from Happy Mohamed
Vintage Wine Estates (VWE) has provided a business update and preliminary outlook for FY24, expecting revenues of $290 million. The company has announced restructuring benefits and business improvements, including a simplification of business and reduced SKUs, which are expected to drive gross margin expansion. Organizational restructuring and other cost savings are expected to result in a $20 million reduction in SG&A for FY24. Seth Kaufman has been appointed as President and CEO.
July 20, 2023 | 8:29 pm
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Vintage Wine Estates expects FY24 revenues of $290 million, with restructuring and business improvements expected to drive gross margin expansion. Seth Kaufman has been appointed as President and CEO.
The company's announcement of expected revenue growth, business improvements, and restructuring benefits, along with the appointment of a new CEO, are likely to have a positive impact on the stock in the short term.
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