CANADA: Brick Brewing blames weather after Q1 losses
- Q1 net losses of CAD206,789 (US$189,038)
- Net sales slip 14% to CAD7.5m
- Operating profits (EBITDA) fall 32% to CAD658,000
Brick Brewing slipped into the red in its first-quarter as the group blamed bad weather for poor sales.
In the three months to the end of April, the group's net lossess came in at CAD206,789 (US$189,038), the Canadian craft brewer reported today (5 June). In the same period last year, the firm reported net profits of CAD55,184.
Sales in this year's Q1 fell by 14% to CAD7.5m, while operating profits slid by 32% to CAD658,000.
"The long cold winter weather had a significant impact on the entire category, and our volumes were impacted as well," said George Croft, Brick's president & CEO. "Weak industry volumes led to pricing pressure across the category, impacting both sales and margins.
In its last full-year, the company reported record operating profits, helped by its strong-performing premium brands, Waterloo and Seagram, and cost-cutting measures.
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