Robert Mondavi’s Profit Falls 28%
Robert Mondavi Corp., the maker of Woodbridge and Opus One wines, said fiscal second-quarter profit fell 28% as consumers spent less on its wine amid a slump in the U.S. economy.
Net income fell to $10.3 million, or 63 cents a share, from $14.1 million, or 87 cents, a year earlier. Sales in the quarter ended Dec. 31 dropped 6.7% to $131.1 million, the company said.
Excluding charges related to write down its investment in Walt Disney Co.’s California Adventure theme park, Oakville, Calif.-based Mondavi said second-quarter profit was $11.6 million, or 71 cents a share. That’s in line with the average estimate of analysts surveyed by Thomson Financial/First Call.
Mondavi shares rose $1.92 to close at $37.94 on Nasdaq.
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