Groupon Inc (NASDAQ:GRPN) has entered into almost every category in the past 18 months or so and now has also come up with wines. A new line of private label wines will be introduced by the Chicago-based online deals company, it announced on Tuesday.
Groupon preparing for holidays
The collection of wines will not comprise of many options, however. The company’s wine collection will have not more than four options, and all those are said to be inspired by the company’s mascot “the Cat.” Snazzy Cat Chardonnay, Top Cat Merlot, Chatty Cat Cabernet Sauvignon and Jazzy Cat Pinot Noir are the four wine labels included in Groupon Inc’s collection of wines.
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The wines are available in a package comprised of six bottles. The vine sourced by Groupon belongs to the best wine growing regions of California, and those are located “somewhere around the top part,” claims the online deals company without getting specific. It’s offering six bottles for $49.99. When asked about the timing of this new offering, a spokeswoman said that it’s in preparation for the holidays.
On Monday, Groupon offered a rare piece of topaz at a jaw-dropping $1 million. It was the most expensive merchandise the company has ever offered. Topaz was a part of the company’s Ultimate Holiday Gifts Collection unveiled on Monday. Groupon described the topaz as “Brilliantly cut in a modified octagonal shape, this rare topaz has a 9377.00 total carat weight and is a one-of-a-kind find for collectors.”
Investors confidence on stock
Groupon shares have been rallying since the company reported its third-quarter earnings and guidance. Both revenue and earnings for the quarter came in better than expected. Revenue was up 27% year over year, while earnings grew by 50% year over year.
For the fourth quarter, the company expects revenue to come in between $875 million and 925 million, against the consensus estimate of $926 million. Earnings for the quarter are expected to be between 2 cents and 4 cents, versus analysts’ estimate of 7 cents. In spite of the soft guidance, shares of Groupon have been rising as investors believe that the worst is now over.
In pre-market trading today, Groupon shares were up 1.53% to $7.96.