The affects of COVID-19 (coronavirus) pandemic on The Wine Group Inc.
At the height of the COVID-19 (coronavirus) pandemic, as consumers experienced high levels of unemployment, TWG's sales declined substantially. Though many consumers traded down with common items, a dearth of downstream markets resulted in a substantial decline in sales volumes. Since the company focuses on lower priced products, high sales volumes are crucial. However, demand from on-premise markets declined, which off-premise channels cannot make up, resulting in the company's declining revenue and a 17.2% decline in operating income for the company in 2020.
COVIDIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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