Financial results for the third quarter of fiscal 2011–2012 | Media
Net sales increase 5.9% while net earnings grow 6.6%
Montreal, March 9, 2012 – For the third quarter of its 2011–2012 fiscal year, which ended on December 31, 2011, the SAQ had net sales of nearly $1.023 billion, a $56.8 million or 5.9% increase compared with the preceding fiscal year. The company also reported net earnings of $382.6 million, up $23.8 million or 6.6% from the corresponding quarter of fiscal 2010–2011. Thus, at the end of 40 weeks of operation, net earnings totalled $818.2 million, an increase of $48.4 million or 6.3%.
Operating ratio continues to decline
Net operating expenses reached $155.9 million in the third quarter, compared with $152.3 million in the preceding fiscal year. Under control and expressed as a percentage, operating expenses corresponded to 15.2% of net sales in the quarter just ended, as opposed to 15.8% in 2010–2011. After 40 weeks, overall operating expenses expressed as percentage of net sales were 16.9%, compared with 17.4% for the first three quarters of 2010–2011.
Outlets deliver a solid performance
Net sales in the outlet and specialized centre network totalled $906 million, compared with $855.9 million in the preceding fiscal year, an increase of 5.9%. The corresponding volume sales amounted to 50.5 million litres versus 49 million litres in fiscal 2010–2011, a 3.1% increase. Furthermore, net sales in the wholesale grocer network rose 6.1% to $116.5 million, while volume sales climbed 5% to 14.6 million litres.
As for volume sales by product category, the wine category experienced growth of 3.2% in the third quarter, going from 52.4 million litres to 54.1 million litres. The spirits category, whose products are sold exclusively through the outlet and specialized centre network, generated sales of 8 million litres, up 3.9% from the corresponding quarter of the preceding fiscal year. Lastly, sales in the cooler category and the imported beer, ciders and related products category each rose 0.1 million litres.