Published Date
MONTREAL, Dec. 10, 2024 /CNW/ - For the second quarter of its 2024-2025 fiscal year, which ended on September 14, 2024, the Société des alcools du Québec (SAQ) reported net income of $337.8 million, a $1.5 million or 0.4% increase from the corresponding quarter of the preceding fiscal year.
Results in brief
- The decline in sales in the store and specialized centre network continued. Specifically, sales fell $3.7 million or 0.4% compared with the corresponding quarter of the preceding fiscal year and reflecting a 1.3 million litre or 2.8% drop in volume sales. Volumes in this network maintained their downward trend, as has been the case for the last seven quarters, a development largely attributable to changes in customers' shopping habits.
- Overall dollar sales rose 0.1% to $946.7. This slight growth stems from the $4.7 million increase in sales to the wholesale grocer network.
- Government revenues totalled $632 million, up $0.3 million from the corresponding quarter of the preceding fiscal year. Of this amount, $511.6 million will be remitted to the Quebec treasury and $120.4 million to the federal government.
- The SAQ will intensify its efforts to contend with the constantly changing market and the trend toward lower volumes.
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Net income $337.8 million +0.4% |
Sales $946.7 million +0.1% |
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Gross margin $474.2 million +0.7%
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Ratio of net expenses to sales 14.4% 14.2% in Q2 2023-2024 |
Detailed results:
Store and specialized centre (permit holders, agency stores and other customers) network
- Dollar sales in this network totalled $874.4 million, a $3.7 million or 0.4% decrease.
- Volume sales fell 1.3 million litres or 2.8% to 45.3 million litres.
- Online sales were up 7.6% from the corresponding quarter of the preceding fiscal year, reaching $19.9 million and accounting for 2.8% of consumer sales.
- The value of customers' average shopping cart dropped 0.5%, going from $62.42 to $62.09.
- For consumer sales overall, the average sales price per litre rose to $20.67, compared with $20.41 for the corresponding quarter of the preceding fiscal year.
Wholesale grocer network
- Dollar sales in this network grew $4.7 million or 7% to reach $72.3 million.
- Volume sales increased 0.3 million litres or 4.2% to end the quarter at 7.5 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 these establishments made to consumers.
Net expenses
- Net expenses rose to $136.4 million versus $134.5 million in the corresponding quarter of fiscal 2023-2024, a $1.9 million or 1.4% increase.
- Expressed as a percentage of sales, net expenses in the second quarter were 14.4%, compared with 14.2% for the same quarter of the preceding fiscal year.