The Nova Scotia Liquor Corporation (NSLC) released its year-end financial results today, June 14.
For the fiscal year April 1, 2021, to March 31, 2022, total sales were up 3.5 per cent to $820.5 million, with an increase in both beverage alcohol and cannabis sales compared to the previous fiscal year. Beverage alcohol sales increased 1.7 per cent to $718.7 million, and cannabis sales increased 18.2 per cent to $101.7 million.
Earnings decreased 2.1 per cent to $268.7 million. Earnings were down due to increased sales of cannabis and local products, which both have lower margins compared to other products, higher payroll costs and increased freight costs.
Sales of Nova Scotia products increased across all categories. Local cannabis led the growth with a 40.1 per cent increase in sales to $23.6 million. Growth in other categories included:
- beer – up 18.7 per cent to $26.4 million
- wine – up 15.3 per cent to $15.5 million
- spirits – up 12.2 per cent to $12.6 million
- ready-to-drink products – up 5.1 per cent to $30.0 million.
A detailed news release can be found on the NSLC website at: https://www.mynslc.com/About-NSLC/Media-Centre/News-Releases/NSLC-Year-End-Financial-Results-April-2021-March-2022