NSLC Releases First Quarter Financial Performance
HALIFAX, September 16, 2025 - The NSLC released its first quarter financial results today (April 1– June 29, 2025), reporting total sales of $218.8 million – a 1.7% decrease from the previous year. Beverage alcohol sales decreased 2.9% to $185.7 million, while cannabis sales increased 5.9% to $33.1 million. Total earnings for the quarter were down 5.4% to $66.6 million.
“The removal of U.S. products, combined with the continuing trend of declining beverage alcohol sales volume, definitely had an impact on our first quarter financial results,” says Greg Hughes, President & CEO. “Despite these challenges, our team continues to adapt and share their expertise with our shoppers, especially with those looking for alternative products that are made closer to home.”
Wet weather throughout the spring also played a role in lower sales numbers this quarter, combined with one less selling day and the lingering impact of the Federal Tax Break, which ended mid-March and prompted some shoppers to bulk purchase products in the fourth quarter of last year.
Sales to NSLC Agency stores increased slightly by 1.0% to $18.0 million, while sales to bars, pubs, and restaurants declined by 1.9% to $13.3 million and sales to Private Wine and Specialty Stores declined 13.3% to $5.1 million.
Despite these decreases, the removal of U.S. products spurred an increase in local product sales. Overall, sales of local beverage alcohol increased 10.6% to $27.5 million, as compared to this time last year, led by local spirits and wines:
- Nova Scotia spirits increased 22.9% to $3.4 million.
- Nova Scotia wine increased 16.4% to $4.4 million.
- Nova Scotia ready-to-drink (RTD) increased 12.9% to $11.0 million.
- Nova Scotia beer increased 3.5% to $8.7 million.
Local cannabis continues to account for 28.0% of all cannabis sales, despite a slight 1.0% decline in sales to $9.3 million.
In April, the NSLC released its 2025-2030 Strategic Plan outlining the organization’s priorities for the next five years. The plan is grounded in the NSLC’s vision to be a shopper-centric retailer, employer of choice, responsible steward, and industry partner investing in the future of Nova Scotia. Guided by strategic priorities under the focus areas of Shopper, Team, and Community, the NSLC will continue to evolve and adapt to ensure continued relevancy for today’s shoppers, as we approach 100 years of service.
Q1 Business Highlights
Shopper
- Through our Air Miles partnership, surveyed 2,615 shoppers in Q1, resulting in a shopper satisfaction score of 94%.
- Completed renovations to our Barrington Passage and West New Glasgow locations.
- Partnered with Air Miles and Nova Scotia Loyal to celebrate and promote Nova Scotia Craft Beer Month in April and Nova Scotia Cider Route in May.
- Shifted all cannabis fulfillment to the Distribution Centre allowing for greater operational efficiency.
- Sponsored the Savour Food & Wine Festival as part of the NSLC’s efforts to support local industry.
- Hosted our annual Agency Store partner meeting.
- Hosted our second Local Buds cannabis event at the Clyde Street NSLC to help educate shoppers on cannabis products and connect with local licensed producers.
Team
- Continued to invest in the development of our team, with professional development and leadership training for our people leaders in June.
- Partnered with the Canadian National Institute for the Blind (CNIB) and SeaChange CoLab to facilitate training sessions focused on accessible and inclusive customer service.
- Formed six Employee Resource Groups (ERG) designed to lead and support NSLC’s Inclusivity, Diversity, Equity, and Accessibility (IDEA) initiatives.
- Presented 45 Cheers to You Awards to team members and eight awards to store teams for their strong demonstration of the NSLC’s values and service standards.
Community
- Our diligent retail store team members asked shoppers who appeared under the age of 30 for valid photo ID 518,202 times and refused service 3,363 times.
- Together with our team members, supplier partners, generous shoppers, and participating Agency stores, we raised a total of $ 775,000 for the IWK Foundation – the most significant fundraising effort in the NSLC’s history.
- With the support of our supplier partners, announced the For the Good of our Community Fund recipients. The 2025 Fund provided grants totalling $140,000 to 14 non-profit organizations across the province.
- Partnered with Halifax Transit to provide Safe Rides for one night in June, which resulted in free transit rides for almost 20,000 riders in HRM.
- Supported MADD Canada’s summer Safe Boating Campaign and furthered our partnership by wrapping a city tour bus in Halifax to encourage Haligonians to report impaired driving.
- 59 NSLC employees volunteered more than 400 hours throughout this quarter to give back to our communities.
Financial Highlights
(Compared to the same period last year):
- Net income (earnings) totaled $66.6 million, a decrease of $3.8 million or 5.4%.
- Total sales were $218.8 million, a decrease of $3.7 million or 1.7%.
- Beverage alcohol sales were $185.7 million, a decrease of $5.5 million or 2.9%.
- Cannabis sales were $33.1 million, an increase of $1.9 million or 5.9%.
- The average price per gram for cannabis decreased by 3.2% to $5.72.
Local Highlights
- Total sales of local products were $36.8 million, an increase of $2.7 million or 8.0%.
- Nova Scotia beer sales increased by 3.5% to $8.7 million.
- Nova Scotia wine sales increased by 16.4% to $4.4 million.
- Nova Scotia spirit sales increased by 22.9% to $3.4 million.
- Nova Scotia Ready to Drink sales increased by 12.9% to $11.0 million.
- Nova Scotia cooler sales increased by 14.1% to $9.2 million.
- Nova Scotia cider sales increased by 7.4% to $1.9 million.
- Nova Scotia cannabis sales decreased by 1.0% to $9.3 million.
- Nova Scotia cannabis accounts for 28.0% of all cannabis sales.
|
Year-to-date
|
FY26 (April 1-June 29, 2025)
|
FY25 (April 1-June 30, 2024)
|
|
Sales Volume (Hectolitres)
|
197,230 |
206,033
|
|
Spirits
|
$45,460,030
|
$48,391,539
|
|
Wine
|
$37,470,888
|
$39,001,069
|
|
Beer
|
$74,253,929
|
$75,383,908
|
|
Ready to Drink
|
$28,536,920
|
$28,473,921
|
|
Cannabis
|
$33,088,460
|
$31,230,933
|
|
Non-liquor
|
$14,415
|
$18,071
|
|
Total Sales by Category
|
$218,824,642
|
$222,499,440
|
|
|
|
|
Gross Profit
|
$107,095,095
|
$110,273,058
|
|
Operating Expenses
|
($24,738,660)
|
($24,651,464)
|
|
Gross Operating Income
|
$82,356,436
|
$85,621,594
|
|
Other Corporate Expenses & Other Earnings
|
($15,790,092)
|
($15,243,605)
|
|
Income from Operations
|
$66,566,344
|
$70,377,989
|
| Sales by Channel |
Sales |
Change |
| NSLC Stores |
$181.7M |
$2.8M (-1.5%) |
| Licensees (bars/restaurants/pubs) |
$13.3M |
$0.3M (-1.9%) |
| Agency Stores (independently owned) |
$18.0M |
$0.2M (1.0%) |
| Private Wine and Specialty Stores |
$5.1M |
$0.8M (-13.3%) |
| Other Wholesale |
$0.2M |
$0.1M (-26.5%) |
| Online |
$0.6M |
$0.1M (10.9%) |
Operating Expense Ratio
The NSLC’s operating expense ratio for the fiscal year, including amortization and depreciation, was 18.5% compared to 17.9% reported the prior year.
Board Expenses
The NSLC Board of Directors’ expenses for the fourth quarter amounted to $2.31 per Director, per day. An electronic version of these expenses is available at myNSLC.com.
About the NSLC
The NSLC manages the safe and responsible sale of beverage alcohol and cannabis in Nova Scotia, returning 100% of its profits to government to help fund key public services. The NSLC aspires to be a shopper-centric retailer, employer of choice, responsible steward, and industry partner investing in the future of Nova Scotia. For more information about the NSLC, please visit our website at myNSLC.com.
For more information please contact:
Terah McKinnon
Senior Communications Advisor, External Relations
media@myNSLC.com
Office: 902-450-5847
Mobile: 902-717-0979
Additional Resources