LCBO sales close in on $5-billion

TORONTO, Ont. – If you are one of the many people who cracked a beer, popped a cork or unscrewed a bottle of spirits last year, the LCBO would like to thank you.

Ontario’s alcohol retailer boasted another year of record profits in 2011, up an impressive $243-million from the previous year.

The LCBO posted their final sales figures for the 2010-2011 fiscal year Thursday, with total sales topping out at nearly $4.55-billion.

This year’s figure is up a significant 5.6 per cent over last year’s record sales, thanks in part to an upswing in the economy.

Chris Layton, a spokesperson for the LCBO, says the financial statistics don’t necessarily mean we’re drinking more in Ontario.

“We started to see shoppers trading up to premium products again,” Layton said. “Last year with a slower economy people were tending to stretch their dollars, they weren’t going to the premium products, and that business really returned.”

The LCBO also continued to grow physically as well as fiscally over the previous year, with 19 new locations opening across the country. There were also 32 major renovations to storefront locations.

The overall growth also allowed the LCBO to transfer a record $1.55-billion dollars to the provincial government. LCBO revenue is generally used to help the province pay for health care, education, social programs and infrastructure.