Vintage Wine Estates (NASDAQ:VWE) stock is taking a beating on Thursday after releasing an earnings update and announcing leadership changes.
Starting with the earnings news, the company is delaying the release of its report for the fiscal second quarter of 2023. That comes as Vintage Wine Estates plans to restate results from its first quarter of the year.
To go along with that, the company released some preliminary Q2 data today. That includes revenue of about $81 million. That’s not a good sign for the upcoming earnings report; Wall Street is expecting revenue of $86.48 million for the quarter.
VWE Leadership Changes
To go along with that earnings news, Vintage Wine Estates is also seeing its founder and CEO Pat Roney switch to Executive Chairman of the Board of Directors. That leaves the CEO position open, which is being temporarily filled by independent director Jon Moramarco.
Vintage Wine Estates has also brought in Arthur Bert to assist with the reorganization of the company. This has leadership changes underway and will also result in other changes as the company seeks to improve operations.
Some of those changes include “higher prices and shipping charges […] staged price increases […] increased freight recovery charges” and a reduction in marketing spend. The company is also seeking to optimize various sales, marketing and operations overhead.
VWE stock is down 28.3% as of Thursday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.