CANADA: "Challenging" Q3 drags on Brick Brewing Co. sales, founder retires
Brick Brewing Co. has seen its sales dip in the third quarter, a period the Canadian craft brewer has described as "challenging".
The Ontario-based company said yesterday (11 December) that net sales in the three months to the end of October came in 3.3% down on the corresponding period a year earlier, at C$7.3m (US$5.9m).
While Brick Brewing's overall beer volumes decreased by 6%, compared to a decrease of 9% in Q3 last year, the company's proprietary beer volumes - including Laker family brands and Waterloo Dark - slid by a lesser 2.1%, compared to a decline of 12.7% a year earlier.
The company noted that it had incurred C$296,000 in severance costs in the quarter, following the elimination of a layer of senior management, which will result in "considerable savings" next year.
"The financial results continue to be challenging, however Brick Brewing is focused on improving efficiencies which will serve the company well in the future" said company president and CEO, George Croft.
"Our focus for the balance of the year will continue to be directed at reducing all non-strategic costs, enhancing operating efficiencies and improving the performance of our brands in the marketplace."
The company also announced that executive chairman and founder, Jim Brickman, is set to retire from his post with immediate effect. Brickman founded the company in 1984, and has been executive chairman since 2004, prior to which he was company president and CEO.
"The company appreciates the significant contribution Jim Brickman has made to Brick Brewing since founding it in 1984," said Croft. "His hard work and dedication has helped build the foundation for the company's future."
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