HALIFAX, August 22, 2017 – The Nova Scotia Liquor Corporation (NSLC) released its quarter-end results today (April 1, 2017 to July 2, 2017). Compared to last year:
- Net income (earnings) totaled $60.7 million; down $1.4 million or 2.3%
- Total sales were $158.7 million; up $0.8 million or 0.5%
- Total volume of beverage alcohol sold was down 1.7%
- Overall retail customer transactions (purchases) were down 1.6%, while the average dollar value of each transaction grew by 1.9%
“We’re pleased to see our performance during the First Quarter to be right on track with our expectations, particularly because it comes on the heels of a very successful 2016-2017 fiscal year,” says Bret Mitchell, NSLC President & CEO. “Nova Scotians continue to enjoy local products across the board and are discovering the quality, selection and innovation of products made here in Nova Scotia. It’s exciting to see such significant growth across all sectors of the local industry.”
Local Product Highlights for the quarter:
- Nova Scotia craft beers sales grew by 48.0% to $3.2M.
- Nova Scotia spirits sales grew by 103.2% to $1.2M.
- Nova Scotia wine sales (using locally-grown grapes) were up by 3.6% to $2.5M.
- Nova Scotia commercial wine sales (produced here without local grapes) were up 6.5% to $5.8M
- Sales of Nova Scotia ready-to-drink products – which are largely ciders made with locally grown apples - increased 75.7% to $1.0M.
- We opened two new stores in Halifax – one on Queen Street in downtown Halifax and the other in the Park Lane Mall on Spring Garden Road. The Queen Street store is three-times larger than the previous store and features an enhanced product selection and walk-in beer fridge. The Express store in Park Lane is a store that complements our full-size store network, designed especially for customer convenience with our top-selling 300 brands.
- Our commitment to corporate social responsibility continues with the introduction of a new learning program for all employees focused on responsible sales. It’s called Keep The Good Going.
First Quarter Sales Summary (This year vs. last year)
||Volume (Hectolitres sold by NSLC)
||Per Cent of Total Sales
||4.3% to $34.7M
||0.2% to $39.6M
||1.2% to $74.6M
||2.9% to $9.8M
Sales by Channel
|NSLC Retail Stores
|Agency Stores (independently owned)
|Private Wine and Specialty Stores
Operating Expense Ratio
The NSLC’s operating expense ratio for the quarter – including amortization and depreciation – was 16.2% compared to 15.6% reported for the same period last year.
The NSLC released the Board of Directors’ expenses for the first quarter. These expenses amounted to $1.14 per Director, per day. An electronic version of these expenses is available HERE.
About the NSLC
For over eighty years, the NSLC has been managing the safe and responsible sale of beverage alcohol in Nova Scotia, returning 100% of its profits to government to help fund key public services. As a true partner in our communities, the NSLC conducts its business with integrity, and respect for the environment, while supporting the sale of more than $190 million in locally-produced products every year. For more information about the NSLC, please visit our website at myNSLC.com.
For more information please contact:
Nova Scotia Liquor Corporation
Phone: (902) 450-5920
For the quarter ended July 2, 2017
|Sales Volume (Hectolitres)
|Total Sales by Category
|Store Operating Expenses
|Gross Operating income
|Other Corporate Expenses & Other earnings
|Income from Operations