Napa Valley and wine industry brace for a massive consolidation [Yahoo! Finance]
First Citizens BancShares, Inc. - Class A (FCNCA)
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Source: Yahoo! Finance
Now, as sales continue to lag and inventories pile up, the industry is facing a reckoning. A report in the San Francisco Chronicle indicates the days of industry growth for areas like California's Napa Valley and Sonoma may not return for several years, if at all, meaning closures and consolidation could be on the horizon. As wine sales have been declining for the last few years, sales of spirits in the U.S. topped the volume of wine sold in 2023. That's the first time that has happened in 45 years. Wine, of course, isn't the only alcoholic beverage struggling. Beer sales are down this year, as are spirits, as a non-alcohol trend has shown strength with millennials and Generation Z drinking less. But wine, unlike beer, is an industry that can't pivot quickly. The time between a grape harvest and when bottles become available is several years. So many vineyards are stuck with too much inventory and little demand. Some experts theorize that the wine industry is in more of a hiber
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FCNCA
Earnings
- 4/25/24 - Beat
FCNCA
Sec Filings
- 6/12/24 - Form 4
- 6/7/24 - Form SC
- 6/4/24 - Form 4
- FCNCA's page on the SEC website