For the first quarter of its 2025-2026 fiscal year, which ended on June 21, 2025, the Société des alcools du Québec (SAQ) has reported net income of $307.5 million, a $0.9 million or 0.3% increase from the corresponding quarter of the preceding fiscal year.  

Results in brief

  • Overall dollar sales rose 1.1% to $913.2 million. Volume sales fell 3.6% to 47.8 million litres.  
  • Sales in the SAQ’s store and specialized centre network were up $18.2 million or 2.2%, compared with the corresponding quarter of the preceding fiscal year, while the related volume sales dropped 0.7 million litres or 1.7%. 
  • Dollar sales in the wholesale grocer network decreased $8.4 million or 11.4%, compared with the corresponding quarter of the preceding fiscal year, with the related volume sales down 1.1 million litres or 14.3%. 
  • Government revenues totalled $586 million, a $4.2 million decrease, compared with the corresponding quarter of the preceding fiscal year. The amounts payable to the Quebec treasury totalled $470.5 million and another $115.5 million is destined for the federal government. 
  • Faced with a constant changing market and the trend toward lower volumes, the SAQ will continue to implement initiatives aimed at supporting its performance. 

Net income 

$307.5 million 

+0.3%

Sales 

$913.2 million 

+1.1%

Gross margin 

$463.9 million 

+4.3%

Ratio of net expenses to sales 

16.1%* 17.1%

15.3% in Q1 2024-2025

 *Excluding non-recurring charges related to the modernization of the curbside recycling system. 

Detailed results 

Store and specialized centre network (permit holder, agency store and other customers) 

  • Dollar sales in this network totalled $848.2 million, an $18.2 million or 2.2% increase. 
  • Volume sales fell 0.7 million litres or 1.7% to 41.2 million litres. 
  • Totalling $22.3 million and accounting for 3.3% of consumer sales, online sales were down 3.5%, compared with the corresponding quarter of the preceding fiscal year. 
  • The value of consumers’ average shopping chart increased 1.5%, going from $61.93 to $62.83.  
  • For consumer sales overall, the average per-litre sales price rose to $21.88, compared with $21.08 for the corresponding quarter of the preceding fiscal year. 

Wholesale grocer network 

  • Dollar sales in this network fell $8.4 million or 11.4% to end the quarter at $65 million. 
  • Volume sales totalled 6.6 million litres, compared with 7.7 million litres for the corresponding quarter of the preceding fiscal year, a 1.1 million litre or 14.3% decrease. 
  • The decline in first quarter sales in the wholesale grocer network is largely attributable to the high level of orders during the fourth quarter of the preceding fiscal year. 
  • 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 these establishments made to consumers. 

Net expenses 

  • Net expenses totalled $156.4 million, compared with $138.1 million in the first quarter of fiscal 2024-2025. Excluding non-recurrent charges related to the modernization of the curbside recycling system, which are estimated at $11.4 million, the increase in net expenses is $6.9 million or 5% on a comparable basis. 
  • Also on a comparable basis, expressed as a percentage of sales, the ratio of net expenses was 16.1% versus 15.3% for the same quarter of the preceding fiscal year. If the non-recurring charges related to the modernization of the curbside recycling system are included, the ratio of net expenses is 17.1%. 

The SAQ’s quarterly financial results, including the sales and expense trends for the last five years, will be found in its Q1 financial report (in French only).