NSLC Releases Second Quarter Financial Performance
HALIFAX, December 2, 2025 - The NSLC released its second quarter financial results today (June 30– September 28, 2025), reporting total sales of $250.4 million – a 1.9% increase from the previous year. Total earnings for the quarter were down 1.6% to $82.5 million.
“Despite the ongoing impact of removing U.S. products and the continued trend of declining beverage alcohol sales volume, overall sales rose this quarter,” says Greg Hughes, President & CEO.
The warmer-than-average summer weather likely played a role in the slight increase in beverage alcohol sales, which grew 0.6% to $214.4 million, led by the ready-to-drink category with an increase of 7.7% to $38.1 million, and cannabis with an increase of 10.4% to $36.0 million in sales.
Sales also increased across all channels this quarter. Specifically, sales to Private Wine and Specialty Stores increased 6.2% to $6.0 million, NSLC Agency stores experienced a 2.1% increase to $21.3 million, and sales to bars, pubs, and restaurants grew by 1.4% to $14.8 million.
Although total wine and spirits sales declined overall, the removal of U.S. products continued to impact local product sales, which increased $5.2 million or 13.4% to $44.1 million, as compared to this time last year, led by local spirits:
- Nova Scotia spirits increased 22.3% to $3.9 million.
- Nova Scotia ready-to-drink (RTD) increased 21.8% to $14.5 million.
- Nova Scotia wine increased 19.5% to $6.0 million.
- Nova Scotia beer increased 5.8% to $10.0 million.
Local cannabis continues to account for 26.7% of all cannabis sales and saw a 3.8% increase in sales to $9.6 million.
Q2 Business Highlights
Shopper
- Through our Air Miles partnership, surveyed 3,880 shoppers in Q2, resulting in a shopper satisfaction score of 94%.
- Completed renovation to our Mill Cove location.
- Featured Nova Scotia Cider Association’s Red Sky Appellation in stores and online with eight ciders that hold the designation.
- Introduced @NSLC_Green on Instagram and NSLC Green on Facebook, created specifically to educate shoppers on cannabis.
- Piloted a low sensory experience at our Clyde Street, Joseph Howe and Timberlea stores over an eight-week period, resulting in positive feedback from shoppers and team members.
- Partnered with Air Miles and Nova Scotia Loyal to promote Tidal Bay.
- 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.
- Continued to support Nova Scotia Loyal products with in-store tastings.
Team
- Continued to invest in the development of our team through the certification of all Retail Product Specialists in Wine & Spirit Education Trust (WSET) Level 2 to provide greater expertise to our shoppers.
- Hosted two Accessibility Workshops with team members to begin the development of the NSLC’s 2026-2029 Accessibility Plan.
- To support the NSLC’s Inclusivity, Diversity, Equality and Accessibility (IDEA) program, partnered with Restorative Justice and Nthusa Consulting to host webinars focused on Non-Binary Inclusion and Looking at Workplace Equity through the lens of power and privilege.
Community
- Our diligent retail store team members asked shoppers who appeared under the age of 30 for valid photo ID 542,105 times and refused service 3,502 times.
- Through our Safe Rides program, we provided 1,283 rides at eight events across the province.
- Together with our team members and generous shoppers, we raised $77,150 for Feed Nova Scotia through our Labour Day at-cash campaign. This campaign brought us to an incredible milestone – over $1 Million Dollars raised for Feed Nova Scotia.
- Provided sponsorships to four Pride organizations across the province including a gold sponsorship with Halifax Pride. Members of our team walked in both Halifax and Cape Breton Pride Parades.
- For the second year, the NSLC was the official volunteer program sponsor of the 2025 Special Olympics Nova Scotia Summer Games.
- 115 NSLC employees volunteered more than 975 hours throughout this quarter to give back to our communities.
- Thanks to our team members and shoppers, we raised $88,965 for the Bridgetown community, frontline workers, and those impacted by the Long Lake wildfire, through the Salvation Army Emergency Disaster Services Atlantic Division.
Financial Highlights
(Compared to the same period last year):
- Net income (earnings) totaled $82.5 million, a decrease of $1.3 million or 1.6%.
- Total sales were $250.4 million, an increase of $4.6 million or 1.9%.
- Beverage alcohol sales were $214.4 million, an increase of $1.2 million or 0.6%.
- Cannabis sales were $36.0 million, an increase of $3.4 million or 10.4%.
- The average price per gram for cannabis decreased by 3.0% to $5.72.
Local Highlights
- Total sales of local products were $44.1 million, an increase of $5.2 million or 13.4 %.
- Nova Scotia beer sales increased by 5.8% to $10.0 million.
- Nova Scotia wine sales increased by 19.5% to $6.0 million.
- Nova Scotia spirit sales increased by 22.3% to $3.9 million.
- Nova Scotia Ready to Drink sales increased by 21.8% to $14.5 million.
- Nova Scotia cooler sales increased by 23.4% to $12.2 million.
- Nova Scotia cider sales increased by 14.0% to $2.3 million.
- Nova Scotia cannabis sales increased by 3.8% to $9.6 million.
- Nova Scotia cannabis accounts for 26.7% of all cannabis sales.
|
Year-to-date
|
FY26 (June 30-Sept 28, 2025)
|
FY25 (July 1-Sept 29, 2024)
|
|
Sales Volume (Hectolitres)
|
229,798 |
231,393
|
|
Spirits
|
$49,489,591
|
$51,766,521
|
|
Wine
|
$42,747,508
|
$43,125,441
|
|
Beer
|
$84,097,372
|
$82,959,256
|
|
Ready to Drink
|
$38,079,486
|
$35,350,085
|
|
Cannabis
|
$35,968,163
|
$32,590,524
|
|
Non-liquor
|
$16,495
|
$19,851
|
|
Total Sales by Category
|
$250,398,615
|
$245,811,678
|
|
|
|
|
Gross Profit
|
$123,540,283
|
$123,207,117
|
|
Operating Expenses
|
($25,747,390)
|
($24,806,714)
|
|
Gross Operating Income
|
$97,792,892
|
$98,400,403
|
|
Other Corporate Expenses & Other Earnings
|
($15,335,123)
|
($14,635,474)
|
|
Income from Operations
|
$82,457,769
|
$83,764,929
|
| Sales by Channel |
Sales |
Change |
| NSLC Stores |
$207.5M |
$3.5M (1.7%) |
| Agency Stores (independently owned) |
$21.3M |
$0.4M (2.1%) |
| Licensees (bars/restaurants/pubs) |
$14.8M |
$0.2M (1.4%) |
| Private Wine and Specialty Stores |
$6.0M |
$0.4M (6.2%) |
| Other Wholesale |
$0.2M |
$0.06M (37.0%) |
| Online |
$0.6M |
$0.05M (9.3%) |
Operating Expense Ratio
The NSLC’s operating expense ratio for the second quarter, including amortization and depreciation, was 16.4% compared to 16.0% reported the prior year.
Board Expenses
The NSLC Board of Directors’ expenses for the second quarter amounted to $2.17 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