Brief: Vintage Wine Estates Provides Preliminary Outlook For Fiscal 2024

Vintage Wine Estates

20/07/2023 21:44

July 20 (Reuters) - Vintage Wine Estates Inc  VWE.O :
    * VINTAGE WINE ESTATES PROVIDES BUSINESS UPDATE AND
PRELIMINARY
OUTLOOK FOR FISCAL 2024
    * VINTAGE WINE ESTATES INC - PRELIMINARY UNAUDITED FISCAL
2023
REVENUE IS ESTIMATED TO BE $290 MILLION WITH GROSS MARGIN OF
APPROXIMATELY 30% TO 32%
    * VINTAGE WINE ESTATES INC - ORGANIZATIONAL RESTRUCTURING
AND
OTHER COST SAVINGS EXPECTED TO RESULT IN ABOUT $20 MILLION
REDUCTION IN SG&A FOR FISCAL 2024
    * VINTAGE WINE ESTATES INC - HAS REDUCED ITS PERSONNEL
HEADCOUNT
BY APPROXIMATELY 4% IN ADDITION TO REDUCTIONS MADE IN MARCH 2023
    * VINTAGE WINE ESTATES INC - RESTRUCTURING COSTS ARE
EXPECTED TO
BE ABOUT $6 MILLION TO $7 MILLION, WITH MAJORITY OF EXPENSE TO
OCCUR IN Q1 OF FISCAL 2024
    * VINTAGE WINE ESTATES INC - IN CONJUNCTION WITH
RESTRUCTURING,
PRESIDENT TERRY WHEATLEY TENDERED HER RESIGNATION, EFFECTIVE
JULY 19, 2023
    * VINTAGE WINE ESTATES INC - SEES FISCAL 2024 REVENUE BASED
ON
EXECUTION OF RESTRUCTURING AND FIVE-POINT PLAN ABOUT $250
MILLION TO $270 MILLION

Source text for Eikon:  ID:nGNX28xb8Y 
Further company coverage:  VWE.O 

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