NSLC Announces 2014 Third Quarter Results

The Nova Scotia Liquor Corporation (NSLC) released its third quarter results today (September 30, 2013 to December 28, 2013), achieving an income from operations of $61.8 million on a total of $156.1 million in sales.

Income was up $1.1 million over last year, while sales grew by approximately $500,000. The overall volume of alcohol sold declined by 1.92% compared to the same period last year and has declined by more than 4.3% since 2010.

“Our results are relatively consistent with last year’s quarter,” said Bret Mitchell, CEO, NSLC. “Sales of beer and spirits continue to decline, while the popularity of wine, especially Nova Scotia wines, is experiencing consistent growth. Because of that growth, one out of every 12 dollars spent on wine now supports local products.”

Supporting Local Products

As a committed partner in the local economy, NSLC plays an important role in cultivating Nova Scotia’s wine, beer and spirits industry. During this quarter:

  • Sales of Nova Scotia wines grew by 7.7%, building on the 13.1% growth experienced over the same quarter last yea
  • Sales of Nova Scotia ciders increased 199% over last year as the popular summer-time drink won over new customers
  • Sales of Nova Scotia craft beers grew by 25.5% over last year, led by steady market growth from Halifax brewers Garrison and Propeller and most recently, Boxing Rock of Shelburne

Third Quarter Sales Summary (this year vs. last year)

Category

Revenue

Volume (Hectoliters)

Per Cent of All NSLC Sales

Spirits

↓ 0.8% to $48.1M

↓ 3.5%

30.8%

Wine

2.6% to $36.7M

0.9%

23.5%

Beer

↓ 0.6% to $66.1M

↓ 2.6%

42.4%

Ready-To-Drink

6.3% to $5.1M

↑ 4.3%

3.3%

 

Financial Highlights
For the quarter ended December 28, 2013 

 

Q3

2013/2014

2012/2013

Sales Volume (Hectolitres)

193,073

196,858

Spirits

       $ 48,099,234

         $ 48,463,041

Wine

36,687,598

 35,755,070

Beer

66,098,370

 66,493,004

Ready to Drink

5,133,986

 4,829,680

Non-liquor

                       46,406

                    45,318

Total Sales by Category

$ 156,065,593

       $ 155,586,113

Gross Profit

  $ 86,221,777

 $ 85,670,744

Stores Operating Expense

                (15,836,101)

               (15,261,736)

Gross Operating Income

             $ 70,385,676

            $ 70,409,008

Other Corporate Expenses & Other Earnings

                 (8,563,234)

                (9,655,437)

Income from Operations

 $ 61,822,442

  $ 60,753,571

 

Financial Highlights

For the nine month period ended December 28, 2013

 

YTD Q3

   2013/2014

2012/2013

Sales Volume (Hectolitres)

     624,623

 644,396

Spirits

130,123,501

$ 130,535,693

Wine

101,414,965

97,335,244

Beer

220,721,778

224,942,961

Ready to Drink

19,800,493

19,360,825

Non-liquor

                       101,740

                    105,145

Total Sales by Category

    $ 472,162,476

    $ 472,279,868

Gross Profit

    $ 258,867,553

$ 258,695,281

Stores Operating Expense

(46,678,845)

      (45,165,889)

Gross Operating Income

     $ 212,188,708

    $ 213,529,392

Other Corporate Expenses & Other Earnings

(26,398,387)

      (27,575,040)

Income from Operations

    $ 185,790,321

$ 185,954,352