The Canadian wine group, Vincor International, posted net income of C$14.8m for the third quarter of the current fiscal year, up 17.7% from $12.6m in the third quarter of the previous year. Net sales reached C$124.1m, 11.5% up on last year, and a record high for the company.
The quarter was marked by a key event for the company in the completion of its acquisition of the Western Australian wine group, Goundrey. The company said this strategic expansion had been complemented by steady organic growth across its wine range.
Sales of the Jackson-Triggs brand rose by 13.4%, while Inniskillin sales were 15.8% ahead. Toasted Head sales were flat for the quarter, while revenues from the company’s “premium plus” portfolio rose by 18%.
“In the quarter, sales in Australia met management’s expectations and Canadian sales were strong,” said Vincor’s president and CEO, Donald L. Triggs. “In the United States, the overall wine market grew at an annual rate of 4%, while sales of California wines were flat and imported wines grew by 15% and gained market share. We believe that there are significant growth opportunities in the US and, accordingly, we are continuing to increase our marketing efforts and to extend our distribution reach in order to realise the full sales potential of our key brands in this important market.”
For the nine-month period to the end of December 2002, net sales reached a record high of C$333.3m, up from C$285.5m, while net income rose from C$23.5m to C$34.2m.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
