NB Liquor announced its unaudited results last week for the quarter ended March 30, 2014.
Total sales for the quarter were $78.3 million, $500,000 or 0.6 per cent lower than the same quarter last year, which included one additional day. Net earnings were $30.2 million for the quarter, 3.9 per cent lower than last year.
"Wine continued to deliver good growth even though the quarter had one fewer selling day than last year," said Brian Harriman, president and chief executive officer of the corporation. "While beer volumes declined 1.1 per cent, it was less than expected due to the success of our large pack one-time-offers."
Key product sales trends for the fourth quarter were:
– wine sales grew 4.1 per cent , up $700,000;
– spirit sales decreased 0.7 per cent, down $100,000;
– beer sales slipped 2.8 per cent, down $1.1 million; and
– other beverages increased 4.5 per cent, up $100,000.
"Winter weather conditions continued into the last week of the quarter, which contributed to a decline in customer visits compared to the same time last year," said Harriman. "Otherwise, we could have expected the quarter's results to be better. In addition, fourth quarter financial results were impacted by the $1.1 million cost of the elimination of the retiring allowance benefit for our non-bargaining employees."
NB Liquor also released the expenses of the board of directors and the president and chief executive officer for the fourth quarter. The expenses are available online.