2021.12.09 11:18 Royal-Message-8582 Winc, Inc. DD
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NYSE:W B E V Current price as of 12/06/2021: $8.74
Overview Winc, Inc. engages in sourcing, bottling, labeling, and distributing wine under its own winery license in the United States and internationally. It operates through D T C and Wholesale segments. The company offers wines and non-alcoholic wines under the Summer Water, Wonderful Wine Company, Lost Poet, Folly of the Beast, Chop Shop, and Cherries and Rainbows brand names; and ready to drink cocktails, and spirits and beers. It sells its products through direct-to-consumer model, wholesale distribution channels, retailers, and restaurants, as well as online. The company was formerly known as Club W, Inc. and changed its name to Winc, Inc. in September 2016. Winc, Inc. was incorporated in 2011 and is based in Santa Monica, California.
Analysis and comments Winc brings online shopping to the next level and offers online wine and other beverages. They also operate in more standard channels through retailers restaurants etc. They offer a wide variety of taste (red wine, white wine, rosé and even vegan. They offer wine in different flavours from fruity and food friendly to earthy and round wines.
Their brands include:
· Summer Water
Clean wine for better living. For paleo people, party people, and everyone in between.
· Folly of the Beast
Head winemaker Ryan Zotovich’s quest for impossible value: rich and complex wines made from notoriously finicky pinot noir grapes at an everyday price.
· The Wonderful Wine Co
Clean wine for better living. For paleo people, party people, and everyone in between.
· Cherries & Rainbows
A certified organic, natural, biodynamic red blend with zero sulphur added that celebrates the natural wine movement and the greatest nature has to offer.
· Lost Poet
Inspired by the processes of writing and winemaking, Lost Poet is a unique collaboration between NYT bestselling author Atticus and Winc winemakers.
Winc is one of the fastest growing at-scale beverage companies in the United States with a successful national portfolio of brands fueled by an omni-channel distribution network. Winc's unique digital-first marketing strategy and platform, Winc.com, drive e-commerce, deep customer connections, and data analytics, which we leverage across our expanding network of wholesale and retail partners to develop and scale brands, propelling its powerful omni-channel growth strategy.
The firm just went public on November 11, 2021 at $13 a share offering a total of 1,692,308 shares totaling proceeds of $22 Million for the company. Currently, the share price sits at $8.74 and thus already suffered a setback of more than 30%.
While being a private company, Winc increased their gross profit by more than 70% in fiscal year 2020 versus 2019. With the company having access to $22 Million from the IPO, a lot of the investors were eagerly awaiting the quarterly results which were published recently on December 8, 2021.
Investors were hoping for a big beat as W B E V is expected to prove that having an omni-channel approach to business that reaches multiple sales channels can generate meaningful, sustainable, and high-margin revenues compared to peers in its D T C market environment.
And they did exactly that with their very first financial report as a public company:
· Total net revenues increased 3.4% to $18.5 million
· Wholesale revenues increased 106.9% to $5.5 million
· D T C revenues declined 12.8% to $12.7 million
· Net loss increased from $1.3 million to $5.7 million
· Adjusted EBITDA* loss of $1.4 million versus a loss of $1.0 million
· The five Core Brands** grew to a total of 44,797 cases, a 34% increase
· Retail accounts increased 53% to 11,476
Winc’s growth in the wholesale category is mainly due to new retailer relationships, with the rapid expansion of the number of locations where customers can find Winc products while performance continues to improve at existing retail partners. Recent placements at Walmart, Target and Trader Joe’s helped grow the active retail account base to 11,476. The CEO of Winc, Geoff McFarlane has set a goal to increase the active retail accounts to 50,000 in the next several years.
Winc works with the same Tier 1 distributors (RNDC and SGWS) and retailers (Wholefoods, Target, Walmart) as Constellation, Diageo and Gallo but their digital presence allows them to use customer feedback to develop products and connect with the next generation of consumers in a way that they cannot.
This is what differentiates Winc within the industry. They can leverage the best of the legacy wholesale distribution network, where the vast majority of consumer interaction and volume occur and the best of the new, which is D T C, data analytics and a direct connection with the customer.
This is how they will capture significant market share over the coming years.
Their flagship brand, Summer Water, continues to see strong overall sales and retail placement growth. Of all rosé wines reported on in the Nielsen Wine Report, Summer Water has the 4th highest sales growth rate and second smallest all-commodity volume, suggesting that the brand is under-penetrated and has continued growth opportunity through door expansion, especially considering it's highly competitive growth rate at existing placements.
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