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Société des alcools : the net profit down

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The Société des alcools du Québec predicts that the slowdown in growth could continue taking into account the economic context.

The Canadian Press

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The Société des alcools du Québec (SAQ) reported on Monday a decline in its net profit for the second quarter of the fiscal year financial year 2023-2024 compared to the corresponding period of the previous financial year.

The state-owned company forecasts that the slowdown in growth observed over the last two quarters could continue given the economic context.

The result net declined $14.1 million in the quarter ended September 9, to $336.3 million, while sales fell 0.6% to $945.7 million, due to of the decline in the wholesale grocer network.

The SAQ notes that it acts as a wholesaler to the network of grocery and convenience stores in Quebec. As such, sales from this network do not necessarily reflect sales made by these establishments to consumers.

The SAQ also specifies that sales from the network of its branches and specialized centers reached $878.1 million, up 0.2%. Online sales grew 4.5% and accounted for 2.6% of consumer sales.

The average basket of purchases made by consumers in branches and specialized centers increased from $64.51 to $62.42, a drop of 3.2% that the SAQ explains by more frequent visits by consumers to branches, as evidenced by the 3.2% growth in ridership.

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As for sales of Quebec products in the second quarter, they totaled $147.8 million and represented 16.8% of sales made to the network of branches and specialized centers.

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