LCBO sales top $4.7 billion
Posted May 16, 2012 09:36:16 AM.
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TORONTO, Ont. – The Liquor Control Board of Ontario is reporting another record year for sales and the money it turns over to the provincial government.
Figures released by the LCBO Wednesday show net sales of $4.710 billion for 2011-12, up $218 million or 4.9 per cent over 2010-11.
The board transferred a record $1.63 billion dividend to the Ontario government, $80 million or 5.2 per cent more than in 2010-11.
Net income rose $98 million to $1.658 billion, up 6.3 per cent.
The board said it was the 17th straight year of record sales and 18th consecutive record dividend to the province to help pay for public services.
“Net sales growth resulted from consumers trading up to premium products, incremental sales from new stores, an appealing product mix and effective marketing,” LCBO President and CEO Bob Peter said in a statement.
“Good expense control and inventory management also allowed us to capitalize on increased dollar sales and exceed last year’s dividend in a challenging economy.”
Ontario VQA table wines rose by nine per cent, outpacing LCBO wine sales as a whole which increased by 5.7 per cent.
Ontario craft beers led all product segments with almost 45 per cent growth.
Vintages, LCBO’s fine wine and premium spirits business unit, saw sales rise 10.2 per cent or $39 million over the previous year to $425 million.
