The SAQ announces net income of $1.428 billion for fiscal 2023-2024

MONTREAL, June 6th, 2024 /CNW/ - For its 2023-2024 fiscal year, which ended on March 30, 2024, the Société des alcools du Québec (SAQ) reported net income of $1.428 billion, a $2 million or 0.1% increase from the preceding fiscal year. This was despite a 2.3% drop in litre sales.

Results in brief

• A $1.428 billion dividend will be remitted to the Quebec government. To this amount are added taxes and other duties, for a total contribution to the Quebec Treasury of $2.174 billion. An amount of $518.5 million is also intended for the federal government, for a total amount of $2.693 billion in government revenue.
• Volume sales ended the year at 223 million litres, a 2.3% decrease.
• Dollar sales rose a slight 1.3% to reach $4.101 billion.
• The 2023-2024 fiscal year included an additional week of operation, which explains most of the sales increase.

Net income $1.428 billion +0.1%	Sales $4.101 billion +1.3%
Gross margin $2.032 billion -0.4%	Ratio of net expenses to sales 14.7% 15.2% in 2022-2023

Store and specialized centre network (permit holders, agency stores and other customers)

• Dollar sales in this network totalled $3.773 billion, an $89 million or 2.4% increase.
• Volume sales rose 0.7 million litres or 0.4% to 187.5 million litres.
• Online sales were up 12.1% from the preceding fiscal year, reaching $104.6 million and accounting for 3.4% of consumer sales.
• The value of customers' average shopping cart dropped 3.3%, from $65.26 to $63.13.
• For consumer sales overall, the average sales price per litre rose to $21.68, compared with $21.34 for the preceding fiscal year.

Wholesale grocer network

• It should be noted that the SAQ acts as a wholesaler to the Quebec grocery and convenience store network. Consequently, the sales made in this network do not necessarily correspond to the sales these establishments made to consumers.
• Dollar sales in this network fell $36 million or 9.9% to end the year at $328 million.
• Volume sales totalled 35.5 million litres, a 5.9 million litre or 14.3% decrease.

Net expenses

• Net expenses amounted to $603.6 million versus $613.5 million for fiscal 2022-2023, a $9.9 million or 1.6% decrease.
• Expressed as a percentage of sales, net expenses were 14.7%, compared with 15.2% for the preceding fiscal year.

The SAQ's complete financial results can be viewed by all Quebecers in its Annual Report 2023-2024.

About the Société des alcools du Québec (SAQ)

Created in 1921, the SAQ imports, distributes and sells a broad range of wines, beers and spirits. Its sales network comprises 410 stores and 423 agency stores located throughout Quebec as well as a transactional website, SAQ.COM. Driven by the passion and know-how of its 7,000 employees, the SAQ offers Quebecers a world of discovery, with nearly 40,000 products from 6,000 suppliers in 79 countries. In fiscal 2023-2024, the SAQ remitted more than $2.0 billion to the Quebec government and supported some 250 organizations and events while also ensuring its business activities respected local communities and the environment.

For more information, visit the SAQ.COM website, follow us on X (@LaSAQ_officiel) or view our Facebook and LinkedIn pages.

SOURCE Société des alcools du Québec - SAQ

Source: Laurianne Tardif, Media Relations, SAQ, 418 409-2347, [email protected]