Financial results for the second quarter of fiscal 2011-2012
Montréal, October 28, 2011 – For the second quarter of its 2011–2012 fiscal year, which ended on September 10, 2011, the SAQ had net sales of $635.2 million, a $36.4 million or 6.1% increase compared with the preceding fiscal year. The company also reported net earnings of $227.8 million, up $13.8 million or 6.4% from the corresponding quarter of fiscal 2010–2011. Thus, at the end of 24 weeks of operation, net earnings totalled $435.7 million, an increase of $24.6 million or 6%.
Operating ratio declines
Net operating expenses reached $111.4 million in the second quarter, compared with $108.9 million in the preceding fiscal year. Under control, operating expenses corresponded to 17.5% of net sales in the quarter just ended, as opposed to 18.2% in 2010–2011. After 24 weeks, overall operating expenses expressed as a percentage of net sales were 18.3%, compared with 18.8% for the first two quarters of fiscal 2010–2011.
Outlets turn in a solid performance
Net sales in the outlet and specialized centre network totalled $571.4 million, compared with $538.3 million in the preceding fiscal year, an improvement of $33.1 million or 6.1%. The corresponding volume sales were 35.6 million litres, versus 34.3 million litres in fiscal 2010–2011, a 3.8% increase. For their part, net sales in the wholesale grocer network rose 5.3% to $63.7 million, while volume sales climbed from 7.7 million litres to 8 million litres.
As for volume sales by product category, the wine category experienced growth of 3.3% in the second quarter, going from 33.5 million litres to 34.6 million litres. The sprits category, whose products are sold exclusively through the outlet and specialized centre network, recorded sales of 5 million litres, up 4.2% from the corresponding quarter of the preceding fiscal year. Volume sales in the cooler category grew by 0.3 million litres to 3.2 million litres. Lastly, the imported beers, ciders and related products category remained stable, with volume sales of 0.8 million litres.