The SAQ announces net income of $284 million for the first quarter of fiscal 2021-2022

Montreal, August 30, 2021 – For the first quarter of its 2021-2022 fiscal year, which ended on June 19, 2021, the SAQ reported net income of $284 million, up $40.5 million or 16.6% from the first quarter of the company’s preceding fiscal year. Dollar sales rose 8.3% to $832.2 million, while litre sales reached 52.2 million litres, a 3.6% increase. During the first quarter of fiscal 2020-2021, the introduction of various public health measures had an adverse impact on sales, partly explaining the increase in the quarter just ended.

Net income

$284 million
+16.6%

Sales

$832.2 million
+8.3%

Gross margin

$412.5 million
+8.1%

Ratio of net expenses to sales

15.4%

Store and specialized centre (permit holders, agencies and other customers) network

• Dollar sales in this network totalled $749.9 million, a $71.6 million or 10.6% increase.

• Volume sales rose 3.1 million litres or 7.9% to 42.4 million litres.

• Cooler sales reached $38.9 million, a $13.1 million or 50.8% increase. Volume sales were up 2.3 million litres or 50% to 6.9 million. This performance is attributable to customers’ unflagging enthusiasm for these products, especially ones from Quebec.

• Public health measures and the closing of restaurants and bars affected this network’s sales in the first quarter of fiscal 2020-2021. The gradual re-opening of the hospitality industry was a contributing factor to the $27.2 million increase in sales to this customer segment.

• The average sales price per litre was $19.77 versus $19.32 in fiscal 2020-2021. The value of consumers’ average shopping cart dropped from $85.82 to $69.71. 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 7.9% to $26 million and now account for 3.8% of consumer sales.

Wholesale grocer network

• Dollar sales in this network fell $8 million or 8.9% to $82.3 million.

• Volume sales experienced a 1.3 million litre or 11.7% decrease to end the quarter at 9.8 million litres.

• The public health measures and the closing of the restaurant industry had boosted sales in this network in the first quarter of fiscal 2020-2021.

Net expenses

• Net expenses totalled $128.5 million, compared with $138.1 million for the first quarter of last year, a decrease of $9.6 million or 7%.

• Compared with the corresponding quarter of fiscal 2020-2021, the company lowered its expenses even as it continued following the public health guidelines implemented to protect customers’ health and safety.

• Expressed as a percentage of sales, net expenses were 15.4% as opposed to 18% in fiscal 2020-2021.

The SAQ’s detailed results, including sales and expense data for the last five years, are accessible to all Quebecers in its Quarterly Report Q1 2021-2022, now available (in French only).

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.