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Vintage Wine Estates, Inc.

Company NameVintage Wine Estates, Inc.
Stock SymbolVWE

On September 13, 2022, after the market closed, Vintage Wine issued a press release announcing disappointing fourth quarter and fiscal year 2022 results. Therein, the Company revealed that it recorded $19.1 million in non-cash inventory adjustments which were “identified through efforts to improve and strengthen inventory management, processes and reporting.” The adjustments included “physical inventory count adjustments of $12.4 million, $3.7 million related to the establishment of inventory reserves and $3.0 million related to the impact of additional remediation efforts.” The Company further revealed that it’s fourth quarter 2022 loss from operations was $27.7 million, compared to $10.9 million in the prior year quarter, which was due in part to “the $19.1 million non-cash inventory adjustments.”

On this news, Vintage Wine’s stock fell as much as 44% during intraday trading on September 14, 2022, thereby injuring investors.

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