NSLC reports earnings down slightly in Q2

Posted : 11/14/2018

Source: The Chronicle Herald
October 31st

During the same quarter last year, the NSLC reported net earnings of $70.8 million on total sales of $176.8 million.

This quarter did not include cannabis sales, which only became legal on Oct. 17.

Total volume of beverage alcohol sold in the second quarter increased by 2.9 per cent, according to the provincial Crown corporation. Retail purchases were up 1.9 per cent, but the average dollar value of each transaction fell by 3.4 per cent.

"Products in the ready-to-drink category, strong local products sales, and favourable summer weather contributed to our solid financial performance this quarter," Bret Mitchell, NSLC president and CEO said in a company statement. "We are optimistic we are on track to meet our financial obligations this fiscal year."

Total revenue from the sale of wines, at the NSLC, declined by 1.7 per cent to $38.8 million in the second quarter. And although local wines represented a small portion of all wine transactions, sales of local wine increased by 6.7 per to $3.8 million.

In fact, the liquor corporation said sales of all local product continue to be strong with craft beer sales growing by 32.3 per cent to $5.2 million. Nova Scotia spirit sales increased by 34.7 per cent to $2.2 million.

Sales of Nova Scotia ready-to-drink products - mainly ciders - increased by 26.6 per cent to $1.8 million. And Nova Scotia commercial beer contributed $47 million in sales, up $1 million or 2.2 per cent.

Operating cost at the Crown agency increased in the second quarter, compared to the same period last year. The NSLC operating expense ratio for the year was 15.3 per cent in the second quarter compared to 14.2 per cent last year.

The liquor corporation explained that the increase in operating expenses was largely due to preparations that were required for the sale of the cannabis.

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