CANADA: Corby Distilleries FY profits fall
Net profits for the 12 months to the end of June fell by 5% to C$30.4m (US$28m), compared to $31.9m in the previous year, Corby said this week.
Profits fell due to one-off charges and unfavourably currency rates, said the group, which holds the licence for Pernod Ricard wine and spirits brands in Canada, as well as owning Wiser's Canadian whiskies, Lamb's rum and Polar Ice vodka.
Despite the full-year slip, earnings rose by 24% in the fourth quarter, said Corby, thanks to the contribution of Absolut Vodka - aquired by Pernod Ricard last year - and also lower marketing spend versus the prior year.
Net sales for the full-year rose by 3% to c$152.6m, and by 1% in the fourth quarter, Corby said. But, operating profits for the year fell by 3% to C$43.4m.
The Seagram Coolers brand had a particularly bad year, with retail sales volumes sliding 20% for the 12 months.
"I am pleased with the Company's performance during such turbulent economic conditions," said new Corby president and CEO Patrick O'Driscoll.
"We have successfully transitioned the senior management team during the past couple of months and we are encouraged that the company will continue to be managed by industry veterans focused on expanding market share and increasing shareholder value."
For the full announcement, click here.
Bacardi has switched media agencies for several of its brands in the US....
Gruppo Campari has announced a global marketing deal between its Skyy Spirits subsidiary and Warner Bros Entertainment....
Mosaiq has appointed "sales representation" for its recently-purchased rum brand, Lemon Hart, in four regions of Canada....
Canada-based drinks group Mosaiq has said it has agreed to acquire global sales and marketing rights to Pernod Ricard rum brand Lemon Hart for an undisclosed sum....
- A Wild Geese, Pernod Ricard conspiracy theory?
- Coca-Cola Beverages Africa - A new powerhouse
- Can craft breweries compete in lager arena?
- Remy Cointreau's Q1 performance by brand, region
- SABMiller's Q1 2017 results - Preview
- Diageo starts formal talks over UK pension cuts
- New Hendrick's Gin would have to be "unusual"
- AB InBev faces US$7bn price rise for SABMiller
- Brown-Forman takes distribution in Spain in-house
- AB InBev halts VAIP incentive plan
- Adultifying Soft Drinks; Capitalizing on rising adult demand for non-alcoholic beverages
- Global RTD insights - market forecasts, product innovation and consumer trends
- Global travel retail insights - market forecasts, product innovation and consumer trends
- Global non-Scotch whiskies insights - market forecasts, product innovation and consumer trends
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends