US: Q2 sales and profit up at National Wine & Spirits
Indianapolis-based drinks distributor National Wine & Spirits posted sales for the second quarter of US$182.5m, up 9.4% from $166.8m in the corresponding quarter last year.
Net income rose by 25% from $0.8m to $1.0m for the quarter, while operating income increased from $3.8m to $4.4m.
The company said that expanded spirits and wine brand representation in certain markets had resulted in greater total product sales revenue through increased case volume. This meant that the company's income from operations had increased in spite of higher operating costs during the quarter related to taking on the additional brands.
For the six-month period, the company posted net income of $10.1m, up 23% from the first six months of last year, on revenues 15% higher at $382.0m.
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