CANADA: Magnotta Winery pleased with solid Q1
Magnotta posts healthy Q1
Canadian wine group Magnotta Winery Corp has reported a a 3% rise in profits and a slight rise in sales for its fiscal first quarter.
Magnotta said this week that higher marketing spend helped net sales to hit CAD6.25m (US$6.1m) for the three months to the end of April, up by 0.6% on CAD6.22m for the same period of last year.
The Ontario-based wine firm attributed its profits rise to higher interest returns from customers and lower interest payments due to lower overall debt. Net profits reached CAD869,578 versus CAD845,804 a year earlier.
Gross margins rose by 0.6% due to stronger demand for higher end wines, Magnotta said.
"Taken as a whole, the company is pleased that is has been able to maintain stable operations in the face of an uncertain economy and a difficult regulatory environment," said Rossana Magnotta, co-founder and president of the firm.
- The category today - Scotch Whisky I
- Today's Market Trends - Scotch Whisky II
- Key Brands Performance - Scotch Whisky IV
- Tomorrow's Market Trends - Scotch Whisky III
- Category Innovations - Scotch Whisky VII
- Beam Suntory names CFO, makes structural changes
- Diageo to accept US$1m South Korea fine
- Analysts clash over AB InBev SAB Brexit impact
- Pernod switches Travel Retail Europe op's director
- AB InBev unveils Stella Artois three-packs
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends
- 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
- Consumer and Market Insights: Wine Market in China