CANADA: Corby Distilleries FY profits climb
- Full-year net profits climb by 6.7% to CAD27.4m (US$27.7m)
- Operating profits slide by 3% to CAD40m
- Net sales drop by 3.5% to CAD143.5m
- Sale of Seagram Coolers in Canada hits results
Corby Distilleries sees profits climb in FY
Corby Distilleries has reported an increase in full-year net profits, but sales continued to be damaged by the sale of its Seagram Coolers licence in Canada.
Net profits for the year to the end of June climbed by 6.7% to CAD27.4m (US$27.7m). Operating profits, however, slid by 3% on the same period of last year, to CAD40m, the Canada-based Pernod Ricard subsidiary reported today (25 August).
Sales in the period dropped by 3.5% to CAD143.5m, primarily as a result of an 8% drop in total shipments and the impact of the sales of Seagram Coolers in March. In the fourth quarter, net profits remained flat at CAD6.6m, while operating profits dropped slightly, by 0.3% to CAD9.1m. Sales slid by 2.1% to CAD36.1m.
"Corby continued to progress positively in fiscal 2011, as we were able to significantly increase the level of advertising and promotional investment behind our strategic brands, while delivering a solid performance,” said Corby Distilleries' CEO, Patrick O'Driscoll. “As a result, brands such as Wiser's Canadian whisky and Polar Ice vodka experienced strong performances and Lamb's Black Sheep spiced rum continues to build its position in the marketplace.”
Click here to view the earnings release.
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