Financial results for the first quarter of fiscal 2013–2014
Sales of $655.3 million and net earnings of $221.3 million
Montreal, August 30, 2013 – For the first quarter of its 2013–2014 fiscal year, which ended on June 22, 2013, the SAQ had sales of $655.3 million, an increase of $1.8 million or 0.3% from the corresponding quarter of the preceding year. The SAQ also reported net earnings of $221.3 million for the 12-week period, down $9.6 million or 4.2% from the same quarter in fiscal 2012–2013. One of the factors that explain these results is that this fiscal year’s Easter sales period fell in the preceding quarter; with additional retail sales on the order of $15 million, the Easter period is one of the busiest of the year.
Net expenses totalled $126 million in the first quarter, compared with $117.9 million in the preceding fiscal year, the increase being due to annual inflation on all expenses and a different sequencing of activities. Expressed as a percentage of sales, net expenses amounted to 19.2% for the first quarter of 2013–2014, as opposed to 18% for the corresponding quarter of the preceding fiscal year.
The outlet and specialized centre network had total sales of $579.7 million, a 0.8% increase from the $575 million for the first quarter of the preceding fiscal year. Sales in the wholesale grocer network fell $2.9 million or 3.7% to reach $75.6 million.
As for volume sales by product category, wine category sales totalled 35.8 million litres, a decline of 0.4 million litres or 1.1%. At 4.8 million litres, sales of spirits, which are sold exclusively through the outlet and specialized centre network, remained stable compared with fiscal 2012–2013. For their part, sales of coolers were down 0.5 million litres, ending the first quarter at 2.3 million litres. Lastly, the imported beers, ciders and related products category increased 0.1 million litres to 0.9 million litres.
In the coming months, the SAQ expects to achieve more sustained growth due to its merchandising strategies and stimulating promotional campaigns.