Financial results for the first quarter of 2011-2012
Montréal, August 26, 2011 – In the first quarter of its 2011–2012 fiscal year, which ended on June 18, 2011, the SAQ had net sales of $608.3 million, an increase of $25.8 million or 4.4% from the corresponding quarter of the preceding fiscal year. The SAQ also reported net earnings of $207.9 million for the 12-week period, up $10.8 million or 5.5% from the same quarter in fiscal 2010–2011.
Operating expenses under control
Operating expenses totalled $115.9 million in the first quarter, compared with $113 million in the corresponding quarter of fiscal 2010–2011. Under control and expressed as a percentage of net sales, net operating expenses amounted to 19.1% for the quarter just ended, as opposed to 19.4% for the corresponding quarter in the preceding fiscal year.
Wine remains in first place
The outlet and specialized centre network once again contributed to this growth with net sales of $533.2 million, a 4% increase from the $512.5 million of the corresponding quarter of 2010–2011. For their part, net sales for the wholesale grocer network rose $5.1 million or 7.3% to $75.1 million.
As for volume sales by product category, the large wine category once again stood out with sales totalling 34.7 million litres in the first quarter, an increase of 1.4 million litres or 4.2%. Sales of spirits, which are sold exclusively through the outlet and specialized centre network, climbed 2.3%, from 4.3 million litres to 4.4 million litres. The imported beers, ciders and related products category remained stable at 0.8 million litres sold, while cooler sales maintained the trend observed in recent quarters, with net sales falling 7.7% to 2.4 million litres.