Latest news with #Agave
Yahoo
02-06-2025
- General
- Yahoo
Rare 20-year-old plant is blooming for the first and last time at Point Defiance
For a short window of time, visitors to Point Defiance Zoo & Aquarium will be in the presence of an unusual sight. The zoo's botanical garden has been the home and caretaker to an Agave parryi var. truncata, also referred to as an artichoke agave, for more than 17 years. Now, the plant is blooming for the first and only time over the next few weeks, a rare sight in Washington state, far from its natural habitat, Point Defiance Zoo lead horticulturist Bryon Jones told The News Tribune on Thursday. 'This plant is definitely an uncommon sight in the Northwest, and super uncommon to see one actually blooming that you can actually see in a public setting,' Jones said. According to the University of Arizona Campus Arboretum, the artichoke agave is an evergreen, perennial succulent part of the asparagus family — or asparagaceae — that presents with a blue-gray hue and pointy, toothed leaves growing in rosettes. Agave parryi var. truncata is native to central Mexico, but can also be found in the mountainous areas of the desert southwest, including in Arizona and New Mexico, he said. Artichoke agave plants typically take 15-20 years to reach maturity, at which point they bloom for one time only before dying, Jones said. During a bloom, the agave will grow a single stalk from its center — Jones said he had first noticed the beginning of the stalk around May 6 and estimated that this agave has reached about nine feet in height, meaning it could still grow taller in the coming weeks. The plant is just inside the zoo's main entrance. The zoo acquired the plant from a local nursery in Tacoma about 17 years ago, when the plant was the size of a softball — it is likely around 20 years old now, Jones said, adding that he has been working at the zoo's botanical garden for about 20 years and anticipating its bloom. 'All I saw was the middle of it started looking like some crazy alien was starting to come out of the middle of it, and then it came up so fast ... for the last few weeks, it would be two to three feet a week,' he said. He added that yellow flowers will blossom at the tip of the stalk likely in the next two to three weeks and will probably attract hummingbirds and other pollinators. The flowers should be visible on the plant for another two to three weeks; after that, if pollinated, they will start producing seeds, he said. The stalk, however, will remain in place throughout the summer and likely into fall, he said, adding that the zoo may take it down before winter once it begins to decompose and fall. Jones said the zoo also has a few other artichoke agave plants growing nearby that may bloom in the coming years; some appear to be a similar size and age, meaning it is possible that two or three blooms may eventually occur at the same time, he added. 'This is the first Agave parryi. Now, there's little agaves, and we've had a couple of those ... their stem is like the size of your finger,' Jones said. 'So, this is the first time we've had one this giant blooming.' Despite being out of its native habitat, the plant requires little upkeep other than the need to keep it raised to improve drainage and making sure it doesn't get too cold, Jones added, noting that the agave's native habitat often gets colder than the weather in Western Washington, which makes it relatively easy to grow in Tacoma. Krystle Robbins, a zoo visitor who was admiring the agave on Thursday, told The News Tribune she was impressed by the height of the stalk and enjoyed Jones' longtime investment in the plant and passion for nature. She said she'd be interested in returning to the zoo to see the agave once its flowers bloomed. 'I've never seen one in such a scale in person, it's really beautiful,' Robbins said. 'It's pretty amazing up here in the Pacific Northwest to see something like this.'
Yahoo
15-05-2025
- Business
- Yahoo
Maui Land & Pineapple Company, Inc. Reports Fiscal First Quarter 2025 Results and Announces New Scalable Agri-Business Venture
KAPALUA, Hawaii, May 15, 2025 (GLOBE NEWSWIRE) -- Maui Land & Pineapple Company, Inc. (NYSE: MLP) today reported financial results covering the quarter ended March 31, 2025. The Company also announced a new agriculture-based business venture designed to maximize the value of currently underutilized croplands and stimulate economic revitalization on Maui. Additional updates from the Company will be shared at its Annual Meeting of Stockholders, which will be held virtually on Wednesday, May 21, 2025, at 8:30 a.m., Hawai'i Standard Time, via conference call and posted to the Company website concurrently. 'In the first quarter of 2025, we advanced efforts to strengthen the fundamentals of our business segments and build the foundation for future growth by launching new initiatives to activate our landholdings,' said Race Randle, CEO of Maui Land & Pineapple Company, Inc. 'We delivered a 134% year-over-year gain in operating revenue, driven in part by significant increases in occupancy and income from commercial real estate leasing.' 'Despite higher operating expenses, we maintained strong liquidity and improved positive Adjusted EBIDTA, buoyed by greater operational efficiencies, higher operating revenue, and proceeds from the sales of non-strategic land parcels.' 'With the successful pension restructuring, the severance obligations to former leaders fully settled, and share-based compensation expenses expected to decrease, we are well-positioned to see improved GAAP income moving forward.' MLP Announces New Agri-Business Venture MLP is launching a new scalable business initiative to cultivate Agave, a drought tolerant, low maintenance crop which utilizes minimal water and is attracting a growing global demand for value-added products. This initiative will honor MLP's agricultural roots and aligns with our focus on accelerating the productivity of underutilized croplands, creating living wage jobs for local families, connecting people to the land, and boosting environmental and economic sustainability. 'We believe this new venture represents a significant opportunity to create long-term growth potential for the company which may be funded partially in partnership with mission-aligned partners. Our strategy complements our ongoing leasing and development projects while utilizing our prime landholdings to enable revenue upside potential from vertical integration with on-island distillation, regenerative agri-tourism, local distribution, and global expansion,' explained Randle. A copy of the materials with additional details on the new initiative will be presented at our Annual Meeting of Stockholders and will be posted on the Company's website concurrently. First Quarter 2025 Highlights Operating Revenues – The Company's operating revenues totaled $5,804,000 for the three months ended March 31, 2025, as compared to $2,483,000 during the same period in 2024, an increase of $3,321,000, or 134%. Land development and sales revenues amounted to $2,298,000 for the three months ended March 31, 2025, compared to no revenue during the same period in 2024. This is primarily attributed to $2,278,000 of contracting revenues from the Honokeana Homes Relief Housing Project with the State of Hawai'i. MLP is administering horizontal improvements for this project and has agreed to receive no direct profit from this effort. Leasing revenues amounted to $3,219,000 for the three months ended March 31, 2025, as compared to $2,216,000 during the same period in 2024, an increase of $1,003,000, or 45%. This increase was the result of focused efforts to improve occupancy, bring leases to market rates, sign new leases for renovated commercial properties and land leases of dormant cropland for new agricultural use. Costs and expenses – Operating costs and expenses totaled $7,583,000 for the three months ended March 31, 2025, as compared to $3,882,000 for the same period in 2024, an increase of $3,701,000. The increase in operating costs were primarily attributed to a $2,278,000 increase in direct construction costs incurred on the Honokeana Homes Relief Housing Project as described above. Other increases are attributable to $372,000 in leasing costs driven by rise of insurance premiums, property management fees and commissions on new leases, $460,000 in general and administrative expenses for additional employees hired during mid-2024, and $622,000 in non-cash share-based compensation primarily due to stock option vesting for six directors at March 31, 2025, as compared to similar costs from vesting for four directors during the same period in 2024. While the Company will continue to use equity as part of its compensation strategy, it does not anticipate using options, which the Company expects to result in a decrease in share-based compensation expenses in the future. Other Income (non-operating) – Other income totaled $105,000 for the three months ended March 31, 2025, as compared to $104,000 for the same period in 2024, as bond interest and dividends remained consistent year over year. Pension and post-retirement expense – Pension expenses totaled $6,919,000 for the three months ended March 31, 2025, as compared to $78,000 for the same period in 2024. Of this $6,841,000 increase, approximately $6,800,000 is a non-cash GAAP expense due to the qualified pension plan annuitization originated in the first quarter of 2025 and is expected to be fully terminated by September 30, 2025. This non-cash $6,800,000 GAAP expense will be offset by a corresponding non-cash gain to be reported as other comprehensive gain on the income statement. This is anticipated to occur and be reported in the second quarter of 2025. Net loss – The net GAAP loss was ($8,640,000), or ($0.44) per basic and diluted common share for the three months ended March 31, 2025, compared to net loss of ($1,375,000) or ($0.07) per basic and diluted common share for the same period in 2024. The net loss in the first quarter of 2025 was primarily driven by the non-cash GAAP pension expenses, non-cash stock compensation expenses, increased general and administrative expenses, and $115,000 attributable to the former CEO's severance paid during the year. The former CEO's severance was paid over 24 months, has been fulfilled and will not be present after March 31, 2025. Adjusted EBITDA (Non-GAAP) – For the three months ended March 31, 2025, after adjusting for non-cash income and expenses of $8,840,000, Adjusted EBITDA was $200,000. This represents a favorable increase of $412,000 as compared to the reported Adjusted EBITDA in the amount of ($212,000) for the three months ended March 31, 2024. Cash and Investments Convertible to Cash (Non-GAAP) – Cash and Investments Convertible to Cash totaled $9,455,000 on March 31, 2025, a decrease of $67,000, as compared to $9,522,000 at March 31, 2024. Non-GAAP Financial Measures Certain non-GAAP financial measures are presented in this press release, including Adjusted EBITDA and Cash and Investments Convertible to Cash, to provide information that may assist investors in understanding the Company's financial results and financial condition and assessing its prospects for future performance. We believe that Adjusted EBITDA is an important indicator of our operating performance because it excludes items that are unrelated to, and may not be indicative of, our core operating results. We believe Cash and Investments Convertible to Cash are important indicators of liquidity because it includes items that are convertible into cash in the short term. These non-GAAP financial measures are not intended to represent and should not be considered more meaningful measures than, or alternatives to, measures of operating performance or liquidity as determined in accordance with GAAP. To the extent we utilize such non-GAAP financial measures in the future, we expect to calculate them using a consistent method from period to period. EBITDA is a non-GAAP financial measure defined as net income (loss) excluding interest, taxes, depreciation and amortization. Adjusted EBITDA is further adjusted for non-cash stock-based compensation expense, pension and post-retirement expenses, and other non-recurring (gains)/losses, which include (gains)/losses from asset impairments, asset dispositions, and derecognition of other assets. Adjusted EBITDA is a key measure used by the Company to evaluate operating performance, generate future operating plans and make strategic decisions for the allocation of capital. The Company presents Adjusted EBITDA to provide information that may assist investors in understanding its financial results. However, Adjusted EBITDA is not intended to be a substitute for net income (loss). A reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure is provided further below. Cash and Investments Convertible to Cash is a non-GAAP financial measure defined as cash and cash equivalents plus restricted cash and investments. Cash and Cash Investments Convertible to Cash is a key measure used by the Company to evaluate internal liquidity. Additional Information More information about Maui Land & Pineapple Company's first quarter 2025 operating results are available in the Form 10-Q filed with the Securities and Exchange Commission and posted at About Maui Land & Pineapple Company Maui Land & Pineapple Company, Inc. (NYSE: MLP) is dedicated to the thoughtful stewardship of its portfolio, including over 22,000 acres of land along with approximately 247,000 square feet of commercial real estate. The Company envisions a future where Maui residents thrive in more resilient communities with sufficient housing supply, economic stability, food and water security, and deep connections between people and place. For over a century, MLP has built a legacy of thoughtful stewardship through conservation, agriculture, community building, and land management. The Company continues this legacy today with a mission to thoughtfully maximize the productive use of its assets to meet the critical needs of current and future generations. Company assets include land for future residential communities and mixed-use projects within the world-renowned Kapalua Resort, home to luxury hotels such as The Ritz-Carlton Maui and Montage Kapalua Bay, two championship golf courses, pristine beaches, a network of walking and hiking trails, and the Pu'u Kukui Watershed, the largest private nature preserve in Hawai'i. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the Company's ability to put its land into productive use, our ability to cultivate and commercialize Agave, and our ability to reduce share-based compensation expenses. These forward-looking statements are based upon the current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties, and contingencies, many of which are beyond the control of the Company. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties. Factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company's reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available on the SEC's Internet site ( We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether because of new information, future developments or otherwise. # # # CONTACT Investors: Wade Kodama | Chief Financial Officer | Maui Land & Pineapple Company e: wade@ Media: Ashley Takitani Leahey | Vice President | Maui Land & Pineapple Companye: ashley@ Beesley | Senior Vice President | Bennet Group Strategic Communicationse: dylan@ MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)(Unaudited) Three Months Ended March 31, 2025 2024 (in thousands except per share amounts) OPERATING REVENUES Land development and sales $ 2,298 $ - Leasing 3,219 2,216 Resort amenities and other 287 267 Total operating revenues 5,804 2,483 OPERATING COSTS AND EXPENSES Land development and sales 2,323 266 Leasing 1,364 992 Resort amenities and other 612 436 General and administrative 1,517 1,057 Share-based compensation 1,581 959 Depreciation 186 172 Total operating costs and expenses 7,583 3,882 OPERATING LOSS (1,779 ) (1,399 ) Gain on assets disposal 1 - Other income 105 104 Pension and other post-retirement expenses (6,919 ) (78 ) Interest expense (48 ) (2 ) NET LOSS $ (8,640 ) $ (1,375 ) Other comprehensive income - pension, net 79 68 TOTAL COMPREHENSIVE LOSS $ (8,561 ) $ (1,307 ) NET LOSS PER COMMON SHARE-BASIC AND DILUTED $ (0.44 ) $ (0.07 ) MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS March 31, 2025 December 31, 2024 (unaudited) (audited) (in thousands except share data) ASSETS CURRENT ASSETS Cash and cash equivalents $ 7,882 $ 6,835 Accounts receivable, net 2,650 5,016 Investments 1,573 2,687 Prepaid expenses and other assets 375 507 Assets held for sale 82 82 Total current assets 12,562 15,127 PROPERTY & EQUIPMENT, NET 17,350 17,401 OTHER ASSETS Investment in joint venture 42 968 Deferred development costs 14,854 14,410 Other noncurrent assets 2,424 2,233 Total other assets 17,320 17,611 TOTAL ASSETS $ 47,232 $ 50,139 LIABILITIES & STOCKHOLDERS' EQUITY LIABILITIES CURRENT LIABILITIES Accounts payable $ 2,460 $ 2,321 Payroll and employee benefits 233 908 Accrued retirement benefits, current portion 7,370 140 Deferred revenue, current portion 1,148 833 Long-term debt, current portion 85 85 Line of credit 3,000 3,000 Other current liabilities 556 730 Contract overbillings 901 3,180 Total current liabilities 15,753 11,197 LONG-TERM LIABILITIES Accrued retirement benefits, noncurrent portion 1,447 2,368 Deferred revenue, noncurrent portion 1,200 1,233 Deposits 1,938 1,968 Long-term debt, noncurrent portion 156 168 Other noncurrent liabilities 22 24 Total long-term liabilities 4,763 5,761 TOTAL LIABILITIES 20,516 16,958 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY Preferred stock--$0.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding - - Common stock--$0.0001 par value; 43,000,000 shares authorized; 19,718,150 and 19,663,780 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 86,799 85,877 Additional paid-in-capital 16,376 15,202 Accumulated deficit (69,648 ) (61,008 ) Accumulated other comprehensive loss (6,811 ) (6,890 ) Total stockholders' equity 26,716 33,181 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 47,232 $ 50,139 MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES SUPPLEMENTAL FINANCIAL INFORMATION (NON-GAAP) UNAUDITED Three Months Ended March 31, 2025 2024 (In thousands except per share amounts) NET LOSS $ (8,640 ) $ (1,375 ) Non-cash income and expenses Interest expense 2 6 Depreciation 186 172 Amortization of licensing fee revenue (33 ) (33 ) Share-based compensation Vesting of Stock Options granted to Board Chair and Directors 975 439 Vesting of Stock Compensation granted to Board Chair and Directors 174 137 Vesting of Stock Options granted to CEO 199 197 Vesting of employee Incentive Stock 231 185 Bad debt expense 209 5 Pension and other post-retirement expenses 6,897 55 ADJUSTED EBITDA (LOSS) $ 200 $ (212 ) Three Months Ended Year Ended March 31, 2025 December 31, 2024 (in thousands) CASH AND INVESTMENTS Cash and cash equivalents $ 7,882 $ 6,835 Investments, current portion 1,573 2,687 TOTAL CASH AND INVESTMENTS CONVERTIBLE TO CASH $ 9,455 $ 9,522
Yahoo
12-05-2025
- Yahoo
Local Mexican restaurant working to raise money for late employee
SULLIVAN'S ISLAND (WCBD) –After the tragic drowning at Breach Inlet, a local Mexican restaurant is working to raise money to send their employee's remains back to his family in Mexico. Customers at Agave and Azul Mexicano locations in the Lowcountry can contribute to the restaurant group's efforts to send one of their employee's back home for a funeral. 'The response has been amazing. The community has really come together and done their part,' said Carlos Anthony, the Manager at Agave's Cantina in Mount Pleasant. Yoselin Lopez-Perez and Guillermo Quintero Camacho died hours apart after being pulled from the water at breach inlet last week. Guillermo was an employee at Azul Mexicano in downtown Charleston, and he often filled in at Agave's in Mount Pleasant. 'He left a good impression on the people, super nice guy, hardworking. We all have a relationship, we all connect,' said Anthony. The restaurants are fundraising to send his remains back to his family in Mexico, which could cost up to 10 thousand dollars. Carlos says Guillermo's body will be transported Wednesday and they are getting close to their fundraising goal. 'We're very impressed how the community reached out to us they came together, and everybody got to know the situation. It's sad but people have been helping a lot,' said Anthony. Breach Inlet is known for its deadly currents and while there is signage in the area, officials with the town of Sullivan's Island confirmed to news 2 they're in the process of adding more signage, including signage in Spanish to make sure the dangers are clear to everyone in area. Isle of Palms says their warning sign is bilingual, but they will continue to have conversations about additional signs in the future. You can donate to the GoFundMe here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Forbes
03-05-2025
- Business
- Forbes
Tequila Takes Largest Revenue Share Of The Wine & Spirits Market
Friends celebrating with shots of Tequila. getty The latest Wine & Spirits Wholesalers Association's SipSource data provides insight into current wine and spirits market conditions. Despite a challenging first quarter of 2025, with volume and revenue declines across the board, the data also reveals crucial developments, some positive, about the market's present state and highlights several key emerging trends, especially regarding Tequila. According to SipSource data, for the rolling 12 months ending in March, wine and spirits volume dropped by 5.13% and revenue fell by 4.4%. The downward trend accelerated in the first quarter, with wine and spirits volume dropping by 7.79% and revenue declining by 6.99% Spirits volume declined by 3.49% and revenue declined by 3.5% for the 12 months ending in March. For the first quarter of 2025, spirits volume declined 5.93% and revenue fell 5.49%. Wine volumes declined by 7.12%, revenues by 6.56% for the 12 months, and volume by 9.95%, while revenue fell 10.51% for the first quarter of 2025. Tequila was the only spirit category to show net growth in both the first quarter of 2025 and for the rolling 12 months, and is now, by revenue, the largest spirits category. For the rolling 12 months ending in March 2025, Tequila/Agave Spirits showed growth, increasing by 1.93% in volume and 2.35% in revenue. Despite a slight deceleration in the first quarter of 2025, the growth remained positive, with volume and revenue increasing by 1.1% and 1.52% respectively. Tequila/Agave spirits represented 7.29% of wine and spirits volume for the 12 months ending in March and 7.25% for the first quarter of 2025. That placed it in second place for the year behind vodka, and third place for the quarter behind vodka and whiskey. Revenue-wise, Tequila/Agave spirits represented 15.26% of total wine and spirits revenue for the 12-month period and 15.01% for 2025's first quarter. That makes Tequila the largest wine and spirits market segment by revenue, even though it only ranks 2nd/3rd by volume. It also means that Tequila/Agave spirits are the most premiumized wine and spirits category. Despite mixed results, RTDs emerge as a potential growth area in the Sip Source data, offering a glimmer of hope in an otherwise challenging market. For the 12 months ending March 2025, RTD Cocktails increased by 1.13% by volume and 2.66% by revenue. For the three months, however, they showed a 10.67% decline by volume and a 6.7% decline by revenue. Wine-based RTDs showed a 1.59% decrease in volumes but a 3.34% increase in revenues for the year, while for the quarter, they showed a 2.8% increase in volume and a 7.18% increase in revenue. Flavored wine, however, showed an 8.08% decrease in volume and a 6.97% decrease in volume for the year. For the first quarter, they showed a 13.9% decrease in volume and a 12.66% decrease in revenue. Vodka remained the market leader by volume, representing 15.49% of wine and spirit volume for the 12 months and 15.52% for the first quarter. Revenue-wise, it was in second place for both periods, amounting to 14.44% of revenues. For the 12 months ending in March, vodka volumes declined by 4.67% and 7.19% for the 3 months. Vodka revenues fell 4.52% for the year and 6.59% for the first quarter. American whiskey represented 7.22% by volume for the rolling 12 months and 7.54% for the three months. It was the third-ranked category by both volume and revenue. Canadian whiskey represented 3.91%, Scotch whiskey represented 1.36%, and Irish whiskey represented 1.04% of the 12-month volume. The four major whiskey categories collectively represented 13.53% of volume and 22.63% of revenue. That makes the whiskey category second in volume and first in revenue. Whiskey is the most heavily premiumized category after Tequila. Trend-wise, for the 12 months, American whiskey declined by 4.5% by volume and 4.14% by revenue. Canadian whiskey declined by 3.63% by volume and 2.17% by revenue. Scotch whisky volumes fell by 8.11% and revenues declined by 8.36%. Irish whiskey volume decreased by 5.63% and revenue by 7.98%. Whiskey trends for the 3 months were largely consistent with the 12-month trend, with one notable exception. Irish whiskey surpassed Scotch whisky in volume, 1.27% versus 1.23%, but still lagged in revenue, 2.49% versus 3.12%. This is the first time Irish whiskey volumes have surpassed Scotch whiskey since Prohibition. Volume trends for rum (-8.22%), brandy/Cognac (-8.93%), and gin (-4.99%) also declined for the year. The trend continued for the first quarter (rum -8.10%, brandy/Cognac -9.93%, and gin -6.25%). Revenue-wise, rum declined 8.3%, brandy/Cognac declined 13.08%, and gin declined 3.86% for the year. For the quarter, rum declined 9.22%, brandy/Cognac declined 13.37%, and gin declined 6.27% Overall, gin is outperforming the two other categories, while brandy/Cognac is lagging in volume and revenue. Most of the decline in that category is attributable to Cognac, the highest cost portion of the mix. In terms of wine, for the year, white wine declined 5.26%, red wine declined 8.45%, rose declined 10.56%, and sparkling wine declined 6.61%. Revenue-wise, white wine declined 4.84%, red wine declined 8.14%, rose declined 9.48%, and sparkling declined 6.22%. For the quarter, white wine declined 7.56%, red wine declined 12.06%, rose declined 12.44%, and sparkling declined 8.62%. Revenue-wise, white wine declined 9.00%, red wine declined 13.1%, rosé declined 13.30%, and sparkling declined 6.15%. White wine continues to outperform all other major wine categories, underscoring a substantial, ongoing shift, possibly generational, away from red wine in favor of white. After a period of rapid growth, Rose wines have now seen a reversal and are showing the most significant decline among all wine categories. Moreover, according to SipSource: 'Previously encouraging trends for lower-priced Table Wines have reversed, while premium wines over $50 are seeing growth in volume but continued softness in revenue as suppliers move through inventory backlogs.' The data suggests substantial discounting in the premium wine category. Additionally, according to SipSource, the latest data: 'Highlights a significant shift in premiumization trends. After years where revenue growth outpaced volume, recent months have seen volume trends outstrip revenue in the wine category, while spirits revenue has recently rebounded ahead of volume trends.' Despite the negative year-over-year and quarterly results, the SipSource data underscore some significant trends. Tequila is now the largest revenue generator among wines and spirits and ranks second overall in volume. It is the only spirits category showing growth and will likely lead the industry forward. At the same time, for the first time in almost a century, Irish whiskey volumes surpassed Scotch whisky volumes in the first quarter and are on track to exceed them for the year. These glimmers of hope surrounding Tequila notwithstanding, the wine and spirits market will remain challenging through 2025 and likely into 2026.
Bloomberg
29-04-2025
- Business
- Bloomberg
New York Restaurant Targeted by Antisemetic Graffiti Is Opening New Location
Miriam, an Israeli restaurant favored by New Yorkers, is opening a third location months after its outpost in the Brooklyn neighborhood of Park Slope was the target of antisemitic graffiti. The West Village location will open by September on 7th Avenue South off Charles Street, owner and chef Rafael Hasid says. It will be Miriam's largest restaurant yet, taking over a building that formerly housed the Mexican eatery Agave. After six months of negotiations in the high-net-worth neighborhood, Hasid closed the deal in early April with the help of Meridian Leasing broker Eli Marcus. Miriam has garnered a loyal following, and there are lines out the door for its classic Israeli cuisine and seven-days-a-week brunch, featuring dishes like green shakshuka and the Jerusalem breakfastwith eggs, avocado spread, a bagel and labneh. The menu at the new location will be more or less the same, says Hasid, but the place's atmosphere could well reflect the neighborhood's younger vibe.
