NSLC Announces Second Quarter Results
HALIFAX, Oct 18, 2016 – The Nova Scotia Liquor Corporation (NSLC) released its second quarter results today (July 4, 2016 to October 2, 2016). Compared to the same period last year:
- Net income (earnings) totaled $70.4 million, a decrease of $2.0 million or 2.8% compared to the second quarter last year
- Total sales were $172.8 million; a decrease of $4.4 million or 2.5%
- Total volume of beverage alcohol sold was down 5.1%
- Overall customer transactions were down 2.1%, while the average dollar value of each transaction declined by 0.4%
“Following five straight quarters of positive growth, this variability was expected,” said Bret Mitchell, President and CEO. “We are ahead of our plan on a year-to-date basis, and we’re looking forward to our busiest season, which is still to come.”
This year’s 2nd quarter numbers don’t include the Canada Day holiday, which gave a boost to results for the same period last year. Local products still posted impressive gains, continuing a growth trend that has gained momentum over the past few years.
Local Product Sales Highlights:
- NS craft beer sales grew by 39.7% to $3.2M. There are now 38 licensed microbreweries in Nova Scotia, and a growing number of popular local craft beer listings in the NSLC.
- NS spirits sales grew by 174.0% to $0.9M. Local spirit sales continue to grow, on the strength of several new product offerings.
- NS wine sales (using locally-grown grapes) were up by 6.1% to $3.2M.
- NS commercial wine sales (produced here without local grapes) were up 3.0% to $5.9M
· Sales of Nova Scotia ready-to-drink products – which are largely ciders made with locally grown apples - increased 81.4% to $1.0M.
Sales by Channel
Operating Expense Ratio
The NSLC’s operating expense ratio for the quarter – including amortization and depreciation – was 13.9%, equal to the ratio reported for the same period last year.
The NSLC released the Board of Directors’ expenses for the second quarter. These expenses amounted to $1.43 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 www.myNSLC.com.
For more information please contact:
Nova Scotia Liquor Corporation
Phone: (902) 450-5920