CANADA: Brick Brewing Q1 profits dive
- Q1 net profits drop by 84% to CAD55,184 (US$53,913)
- Net sales increase by 1.5% to CAD8.8m
- Operating profits (EBITDA) down by 20% to CAD965,000
- Beer unit has “outperformed the industry for the last seven quarters”
Brick operates the Seagram's Coolers range
Brick Brewing Co has posted a sharp drop in first-quarter profits after advertising and expenses bit into its bottom line.
Net profits fell by 84% to CAD55,184 (US$53,913) in the three months to 28 April, the Canadian brewer said last week. Net sales edged up by 1.5% to CAD8.8m over the same period, while operating profits fell by 20% to CAD965,000.
Selling, marketing and administration expenses, rising by 24% to CAD1.9m, were the main reason for the profits drop, the brewer said.
Brick president & CEO, George Croft, said: “The Laker family has been our main growth engine through this period and, bolstered by even greater promotional support in this upcoming year, is poised to gain further momentum.”
The Q1 profits drop follows a strong full-year for Brick, in April posting an 11% profits jump and a 5% sales increase.
Looking ahead, the company said it plans to deliver CAD500,000 in improved operating performance and the same again in procurement-related cost savings in fiscal 2013.
To read the company's official statement, click here.
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