VWE Revenues Down Double Digits in Q2 as it Works to Execute Turnaround Plan

Dear Client: After a bit of a delay, Vintage Wine Estates reported its second quarter earnings yesterday afternoon for the quarter ended December 31. Net revenue was down 13.3% in Q2, resulting in a net revenue decrease of 9.7% for the first six months of the fiscal year.  Breaking it down by business segment, both direct-to-consumer and wholesale segments were down double digits, -10.4% and -22.9%, respectively. The B2B segment performed better, but was still down nearly 8% in Q2.