NSLC reports a 6% increase in earnings, 11 new cannabis locations in last
Posted Jun 13, 2023 01:04:11 PM.
The Nova Scotia Liquor Corporation has released its year-end financial results for the 2022-2023 fiscal year, reporting a 6.0% increase in earnings to $284.7 million. Total sales reached $860.7 million, with beverage alcohol sales accounting for $749.5 million and cannabis sales contributing $111.1 million.
Alcohol sales showed a 4.3% increase, despite a slight 0.3% decrease in sales volume. NSLC says local alcohol performed well, with a 7.8% increase to $91.2 million. Cannabis sales experienced a significant 9.3% increase. Cannabis transactions rose by 12.7%, but the average basket size decreased by 3.1% to $38.40, partly due to a 2.8% reduction in the average price per gram.
“I’m very proud of our team for continuing to deliver on our mandate while maintaining high customer service standards and contributing to our local communities,” said Greg Hughes, President & CEO. “Our 92% customer satisfaction rate tells us our customers are pleased with the shopping experience we provide,” Hughes said.
The NSLC says it remains committed to combatting illicit cannabis sales, which saw the corporation add 11 new cannabis locations, bringing the total to 48 stores. Data from NSLC shows that 77% of Nova Scotians live within 10 kilometres of a safe supply of cannabis.
“We continue to look for ways to compete with the illicit cannabis market and offer Nova Scotians an accessible and safe supply of cannabis,” Hughes said. “This includes finding ways to partner with local cannabis producers and help them bring their products to market.”
Sales across all NSLC channels were positive, with a 52.4% increase in sales to licensees, driven by favourable weather, increased tourism, and social occasions. Sales to Private Wine and Specialty Stores increased by 5.4%, and sales to Agency Stores rose by 1.9%.
The NSLC reported investing $10.8 million in its retail network, including opening two new stores and renovating seven stores. An additional $5.4 million was invested in upgrading point-of-sale hardware and other IT systems.
The NSLC says it donated $1.27 million to over 100 charities and causes across the province last year.
“It’s incredible how our team, customers and business partners came together to support our communities through various fundraising and community efforts throughout the year,” Hughes said. “I’m extremely proud of what we accomplished together while executing our strategic priorities.”
