CANADA: Diamond Estates Wines and Spirits sees FY losses widen
- FY net losses widen by 67% to CAD4.1m (US$3.8m)
- Net sales down 12% to CAD20.6m
Diamond Estates Wines and Spirits has said it will “significantly improve” the company's profitability in the coming fiscal year after full-year losses increased.
Net losses widened by 67% to CAD4.1m (US$3.8m) in the 12 months to the end of March, the Canadian firm said yesterday (23 June). Net sales were down 12% to CAD20.6m over the same period.
The company blamed the sales drop on the “flow through effect”of agency agreements terminated in fiscal 2013 for third-party wines and spirits. Manufactured wine saw “softness” at the provincial government-owned Liquor Control Board of Ontario wine and spirit monopoly but there was growth in the wineries, licensee and export sales channels, Diamond Estates said.
“The organisation continues to evolve and is well positioned to accelerate growth in our key business segments and brands over the coming months,” president & CEO Murray Souter said. “We anticipate significantly improving the company's competitive position and profitability in fiscal 2015, which is why we just hired a full-time operational CFO based in Niagara.”
Quebec officials this month said that from August duty on alcohol sold from both channels in the Canadian province will be standardised to level the tax playing field between off- and on-trade.
To read Diamond Estates' official statement, click here.
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