CANADA; Sleeman sees profits leap on advertising push
Sleeman Breweries saw its third quarter net earnings jump 42%, compared to the same period last year, as an increase in advertising and promotional expenditures resulted in strong sales of both premium and value brands nationally.
Canada's third-largest beer company behind giants Labatt Brewing Co. Ltd. and Molson Breweries, saw its revenues increase 22% C$48m, profit hit $C3.7m, compared with C$2.6m a year earlier.
Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 14% to C$8.5m for the quarter, from C$7.5m for the same period a year ago. EBITDA for the nine-month period increased 7% to C$23.1m, from C$21.6m for the comparable period a year ago.
"Our decision to increase our advertising and promotional expenditures and invest more heavily during the peak summer season has been validated as we continue to profitably build market share," said John Sleeman, chairman and chief executive officer.
The company said that based on the foregoing, it remains confident it will meet its stated earnings per share targets for the year.
"With three-quarters of the current year's sales now completed, we are anticipating positive results to year-end," said John Sleeman.
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