VSPT Wine Group increases first quarter sales by 27.6%By Lucy Shaw
South American wine giant VSPT Wine Group has reported a 27.6% increase in sales revenues during the first quarter of 2021, driven by a 16.7% increase in volumes across the wine group’s various businesses.
While the international market registered an increase of 9.3% in its volumes, this metric improved in the domestic Chilean and Argentinian markets by 17.9% and 111.7% respectively.
As a result, net profits increased by 27.1% during the quarter, compared to the same period last year, from US$5,369,000 to US$6,823,000.
Despite a lower exchange rate compared to the previous year, the increase in sales revenues was mainly driven by higher volumes in the most important countries for the group, with the company enjoying growth both in local markets Chile and Argentina, and its main international markets.
Along with positive first quarter results, one of the major milestones of this period was the launch of a new corporate image for the wine group.
Through the incorporation of a new logo – the Andean condor – VSPT strives to highlight its origin, connection with Chile and Argentina, and protection of the land.
In the UK, VSPT continued to strengthen its commercial presence through various activities aiming to increase awareness of the group’s main brands among the British public.
This includes coastal winery Viña Leyda, which has doubled UK export sales. The winery launched its Leyda Reserva Syrah 2019 in the UK in a joint initiative with the Co-op.
Meanwhile, Graffigna, which VSPT acquired from Pernod Ricard in 2019, achieved 14% sales growth in 2020.