VWE Improves Full Year Guidance, Plans At Least One More Acquisition this Year

Dear Client:   Vintage Wine Estates (VWE) reported a net revenue increase of about 3.4% for the first quarter of its fiscal year ended September 30, driven by acquisitions and strong organic increases in direct-to-consumer. Meanwhile, case volume was actually down 15% for the quarter largely thanks to supply chain constraints impacting its B2B segment.  You may recall, VWE takes what it calls a 'three-legged stool' approach, which consists of: direct-to-consumer (32% of net revenue), B2B (34% of net revenue)