NSLC Reports Increased Sales and Decreased Earnings for 2023-2024 Fiscal Year

Via NSLC release:

The Nova Scotia Liquor Corporation (NSLC) released its financial results for the fiscal year ending March 31, 2024, showing a mixed performance in sales and earnings. Total sales for the year increased by 1.6 percent, reaching $874.5 million. This growth was driven by increases in both beverage alcohol and cannabis sales compared to the previous fiscal year.

Sales Breakdown

  • Beverage Alcohol: Sales rose by 0.5 percent to $753.4 million.
  • Cannabis: Sales saw a significant increase of 8.9 percent, totaling $121.0 million.

Despite the rise in sales, NSLC’s earnings slightly decreased by 0.3 percent, amounting to $238.8 million. This decline in earnings comes amidst the backdrop of overall positive sales performance.

Performance of Local Products

The sales of Nova Scotia products experienced a notable increase of 7.4 percent, reaching $133.9 million. Local beverage alcohol products grew by 3.5 percent to $94.4 million, while local cannabis products saw the highest growth, increasing by 17.9 percent to $39.5 million.

Specific Category Results

  • Beer: Increased by 5.7 percent to $30.3 million.
  • Wine: Rose by 1.8 percent to $17.1 million.
  • Spirits: Decreased slightly by 0.3 percent to $12.8 million.
  • Ready-to-Drink Products: Grew by 4.1 percent to $34.3 million.

These results reflect the NSLC’s ongoing efforts to support local producers and cater to the preferences of its consumers. The increase in local product sales, particularly in the cannabis sector, underscores the strong market demand for Nova Scotia-made goods.

The NSLC’s financial performance highlights both the opportunities and challenges in the current market environment. As the corporation moves forward, balancing sales growth with profitability will be a key focus.

For more detailed information on the NSLC’s financial performance, visit their official website.

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