The SAQ announces net income of $337.7 million for the second quarter of fiscal 2021-2022
Montreal, December 10th, 2021 – For the first quarter of its 2021-2022 fiscal year, which ended on September 11, 2021, the SAQ reported net income of $337.7 million, up $26.7 million or 8.6% from the second quarter of the company’s preceding fiscal year. Dollar sales rose 7.8% to $928.1 million, while litre sales reached 55.8 million litres, a 3.7% increase.
This growth is partly attributable to developments in the pandemic situation in Quebec over the last year. The partial easing of public health measures during the second quarter resulted in a notable increase in business at bars and restaurants and in opportunities to celebrate with family members and friends. In addition, the continuation of some of the restrictions on travel outside Quebec contributed to a positive tourism balance sheet, with more Quebecers spending their vacations in the province and frequenting local tourist destinations.
Ratio of net expenses to sales
Store and specialized centre (permit holders, agencies and other customers) network
- Dollar sales in this network totalled $859.1 million, a $76.9 million or 9.8% increase.
- Volume sales rose 3.3 million litres or 7.4% to 48 million litres.
- Cooler sales reached $41.6 million, a $13.1 million or 46% increase. Volume sales were 7.2 million litres, up 2.2 million litres or 44%. This performance is attributable to customers’ unflagging enthusiasm for these products, especially those from Quebec.
- The gradual re-opening of bars and restaurants was a contributing factor to the $39.9 million or 64.3% increase in sales to this customer segment.
- The average sales price per litre was $19.56 versus $19.36 in the corresponding quarter of fiscal 2020-2021.
- The value of consumers’ average shopping cart dropped from $72.09 to $65.84. These results point to a gradual return to conventional shopping behaviour, with customers visiting stores more often but spending less each visit.
- Online dollar sales rose 26.6% to $21.4 million and now account for 3% of consumer sales.
Wholesale grocer network
- Dollar sales in this network fell $9.8 million or 12.4% to $69 million.
- Volume sales experienced a 1.3 million litre or 14.3% decrease, ending the quarter at 9.8 million litres.
- It should be noted that the SAQ acts as a wholesaler to the Quebec grocery and convenience store network. Consequently, the sales made in this network do not necessarily correspond to the sales made by these establishments to consumers.
- Net expenses totalled $129.7 million, compared with $127.4 million for the second quarter of last fiscal year, a $5 million or 4% increase.
- Expressed as a percentage of sales, net expenses were 14% as opposed to 14.5% in fiscal 2020-2021.
The SAQ’s quarterly financial results, including its sales and expense trends over the last five years, are accessible to all Quebecers in its Quarterly Report Q2 2021-2022, now available (in French only) on SAQ.COM
About the Société des alcools du Québec (SAQ)
Created in 1921, the SAQ imports, distributes and sells a broad range of wines, beers and spirits. Its sales network comprises 409 stores and 429 agency stores located throughout Quebec as well as a transactional website, SAQ.COM. Driven by the passion and know-how of its 7,000 employees, the SAQ offers Quebecers a world of discovery, with nearly 44,000 products from 3,700 suppliers in 82 countries. In fiscal 2020-2021, the SAQ supported some 300 organizations and events and paid a dividend of $1.219 billion to the Quebec government, while also ensuring its business activities respected local communities and the environment.