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Fiscal Year 2024 Outlook
VWE's expectations for fiscal 2024 have been refined from its preliminary expectations provided on July 20, 2023. The Company expects the following to be driven by execution of its restructuring and Five-Point Plan:
| Revenue: | Approximately $260 million to $270 million |
| Gross margin: | Approximately 38%, an estimated 800 basis point improvement on lower volume |
| SG&A(excludes amortization expense): | Approximately $98 million, excluding restructuring costs |
Depreciation expense: Non-cash amortization expense: | Approximately $16 million Approximately $6.1 million |
| Estimated restructuring charges: | $5 million to $6 million |
Lower expected revenue in fiscal 2024 primarily reflects approximately $33 million related to lower sales of aged bulk whiskey inventory due to depleting inventory, $6 million related to the discontinued bottled spirits program and an estimated $9 million related to SKU rationalization. These declines are expected to be somewhat offset by improved pricing and higher volume in select brands. For fiscal 2024, SG&A excludes restructuring costs and executive stock-based compensation awards expected with new leadership.
Posted In: VWE
