Fresh Vine Wine Q1 2023 Early Start
April 05 2023 - 11:31AM
Fresh Vine Wine, Inc. (NYSE American: VINE), the premier producer
of premium lower carb, lower sugar, and lower calorie wines in the
United States, today reported that distributor depletions in
the first quarter of 2023 improved by 58% from the same year ago
quarter. In the first quarter of 2023, Fresh Vine added 2,037 new
Points-of-Distribution, increasing its footprint by almost a third.
Rick Nechio, Interim Chief Executive Officer of Fresh Vine Wine,
said, “The new year is off to a great start, led by a significant
expansion and growing momentum in the retail channel. In the first
quarter of 2023, this strong momentum led to a 58% improvement in
distributor depletions* to replenish the approximately 8,000
cases of wine that consumers pulled off retail shelves in the first
quarter. Based on Nielsen Scan Data**, retailer sales of Fresh Vine
Wine in the 52 weeks ending 2/13/2023 have increased 4-fold from
the comparable year ago period, or an increase of 40,874 bottles
scanned at retailer registers.”Nechio continued, “We are focused on
driving sales at Retail as the key to our growth. To this end, I am
excited to share that two regional grocery chains, located in
California and in New England, have recently been added to our
growing list of retail partners. We also added more stores in
Texas, which is the second largest wine market in the country.
Together, these new retail partners will increase our product
availability by nearly 500 new stores. Later this year we’ll be
announcing a new partnership that we expect will expand our
availability from the land to the sea with a cruise line.”
Nechio concluded, “We are experiencing strong momentum at retail
as we improved the synergies across our wholesale, retail and
related sales channels, especially at physical locations and with
our omnichannel partners that offer same day delivery. The exciting
progress achieved in retail so far this year – a near one-third
increase in our Points-of-Distribution, a 4-fold increase in
retailer sales, the addition of almost 500 new retail locations –
are further evidence that our strategy is gaining momentum. This
broad success is expected to result in revenue growth for Fresh
Vine Wine in the upcoming quarters as we expect both wholesalers
and retailers to place new orders in the coming months to replenish
their depleting inventories.
Note: Distributor depletion reflects the number of cases that
are sold to retailers by our distributors. Distributor depletion
and retailer sales do not represent revenue to Fresh Vine Wine.
Fresh Vine Wine recognizes revenue from sales shipment to
distributors when wine leaves the Fresh Vine Wine warehouse in
distributor trucks. We track distributor sales by their depletion
to the market, and retailer sales through Nielsen Scan Data and
retailer reports.
Press contact – FreshVineWine@jonesworks.comIR contact
– Joeh@gregoryfca.com
*Source: Distributor Depletions iDig VIP Reporting **Source:
Nielsen Scan 52 weeks ending 2/13/2023, Total US x AOC + Liquor
Plus + Conv
About Fresh Vine Wine, Inc.Fresh Vine Wine,
Inc. (NYSE American: VINE) is a premier producer of lower carb,
lower calorie premium wines in the United States. Fresh Vine Wine's
brand vision is to lead the emerging natural and accessible premium
wine category, as health trends continue to accelerate in the US
marketplace. Fresh Vine Wine positions its core brand lineup as an
affordable luxury, retailing between $14.99-$24.99 per bottle.
Fresh Vine Wine's varietals currently include its Cabernet
Sauvignon, Chardonnay, Pinot Noir, Rosé, Sauvignon Blanc, Sparkling
Rosé, and a limited Reserve Napa Cabernet Sauvignon. All varietals
are produced and bottled in Napa,
California.Forward-Looking StatementsThis press
release includes forward-looking statements. These forward-looking
statements generally can be identified by the use of words such as
"anticipate," "expect," "plan," "could," "may," "will," "believe,"
"estimate," "forecast," "goal," "project," and other words of
similar meaning. These forward-looking statements address various
matters including statements regarding the timing or nature of
future operating or financial performance or other events. Each
forward-looking statement contained in this press release is
subject to risks and uncertainties that could cause actual results
to differ materially from those expressed or implied by such
statement. Applicable risks and uncertainties include, among
others, our ability to achieve positive cash flow from our
operations on our anticipated timeframes or at all; our ability to
sustain increased distributor depletions and retailer sales of
Fresh Vine Wine and the impact that distributor depletions and
retailer sales of our wines will have on our future revenues; the
launch of the Company’s wines with national and regional grocery
retailers and the impact of such launch the Company’s operating
results; the Company's ability to hire additional personnel and to
manage the growth of its business; the Company's reliance on its
brand name, reputation and product quality; the Company's ability
to adequately address increased demands that may be placed on its
management, operational and production capabilities; the
effectiveness of the Company's advertising and promotional
activities and investments; the Company's reliance on celebrities
to endorse its wines and market its brand; general competitive
conditions; fluctuations in consumer demand for wine; overall
decline in the health of the economy and consumer discretionary
spending; the occurrence of adverse weather events, natural
disasters, public health emergencies, or other unforeseen
circumstances that may cause delays to or interruptions in the
Company's operations; risks associated with disruptions in the
Company's supply chain for grapes and raw and processed materials;
the impact of COVID-19 and its variants on the Company's customers,
suppliers, business operations and financial results; disrupted or
delayed service by the distributors the Company relies on for the
distribution of its wines; the Company's ability to successfully
execute its growth strategy; the Company's success in retaining or
recruiting, or changes required in, its officers, key employees or
directors; the Company's ability to protect its trademarks and
other intellectual property rights; the Company's ability to comply
with laws and regulations affecting its business, including those
relating to the manufacture, sale and distribution of wine; claims,
demands and lawsuits to which the Company are or may be subject and
the risk that its insurance or indemnities coverage may not be
sufficient; the Company's ability to operate, update or implement
its IT systems; the Company's ability to successfully pursue
strategic acquisitions and integrate acquired businesses; the
Company's potential ability to obtain additional financing when and
if needed; the Company's founders' significant influence over the
Company; and the risks identified in the Company's other filings
with the SEC. The Company cautions investors not to place
considerable reliance on the forward-looking statements contained
in this press release. You are encouraged to read the Company's
filings with the SEC, available at www.sec.gov, for a discussion of
these and other risks and uncertainties. The forward-looking
statements in this press release speak only as of the date of this
document, and the Company undertakes no obligation to update or
revise any of these statements. The Company's business is subject
to substantial risks and uncertainties, including those referenced
above. Investors, potential investors, and others should give
careful consideration to these risks and uncertainties.
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