TORONTO, Nov. 12, 2020 /CNW/ - Corby Spirit and Wine
Limited ("Corby" or the "Company") (TSX: CSW.A) (TSX: CSW.B)
today announced financial results for its fiscal 2021 first quarter
ended September 30, 2020. The Corby
Board of Directors today also declared a dividend of $0.22 per share payable on December 11, 2020 on the Voting Class A Common
Shares and Non-Voting Class B Common Shares of the Company to
shareholders of record as at the close of business on November 27, 2020.
Dynamic consumer demand within the off-premise channel has
offset the severe interruptions in the on-premise and travel retail
channels. Although some brands were negatively impacted by effects
of COVID-19 pandemic restrictions, others were boosted by new
opportunities in at-home consumption occasions and in
ecommerce.
On the back of this resilient environment, some liquor board
customers have ordered strongly in the first quarter of fiscal 2021
to build stock ahead of the key second quarter trading period. As a
result, the Company saw strong shipments in the quarter ended
September 30, 2020, leading to 9%
top-line growth for Corby owned brands and commission income growth
of 30% compared to the same period last year. Overall, the quarter
enjoyed robust revenue growth of 12%.
In a very volatile environment, rigor and caution were applied
to advertising and promotion expenses as we continued to invest
purposefully behind our key strategic brands and channels. In
addition, overhead expenses were strictly controlled. As a result,
total marketing, sales and administration expenses decreased
significantly by 14% in the three-months ended September 30, 2020.
With strong top-line growth and reduced expenses, the quarter
ended September 30, 2020 saw an
unusually high net earnings of $10.8
million, an increase of 68% compared to the same period last
year.
"We have made a good start to the year in exceptional
circumstances and I am pleased with our performance. Demand for
spirits and wine remained strong and while we have focused our
efforts to support sales in the off-premise channel we also
maintained our relationship with our on-premise partners working
together during what is a difficult time."
"This strong first quarter result is encouraging as we operate
in this challenging and volatile environment. This quarterly
performance is not indicative of the expected full year trend as
our shipments far exceeded retail depletions and the phasing of our
expenses means that our first quarter spend was unusually low. I
have confidence in Corby's strategy and the fundamentals of our
business to deliver value growth this year," noted Nicolas Krantz, President and Chief Executive
Officer of Corby.
"In this time for many of us, making connections, enjoying
convivial moments with friends and family and building authentic
relationships is more important than ever. With Corby and
J.P.Wisers, Canadians can raise a glass to toast their loved
ones."
For further details, please refer to Corby's management's
discussion and analysis and interim condensed consolidated
financial statements and accompanying notes for the three-months
September 30, 2020, prepared in
accordance with International Financial Reporting Standards.
About Corby
Corby Spirit and Wine Limited is a leading
Canadian manufacturer, marketer and distributor of spirits and
imported wines. Corby's portfolio of owned-brands includes some of
the most renowned brands in Canada, including J.P. Wiser's®, Lot 40®, and
Pike Creek® Canadian whiskies, Lamb's® rum, Polar Ice® vodka and
McGuinness® liqueurs, as well as the Ungava® gin, Cabot Trail®
maple-based liqueurs and Chic Choc® spiced rum and Foreign Affair®
wines. Through its affiliation with Pernod Ricard S.A., a global
leader in the spirits and wine industry, Corby also represents
leading international brands such as ABSOLUT® vodka, Chivas Regal®,
The Glenlivet® and Ballantine's® Scotch whiskies, Jameson® Irish
whiskey, Beefeater® gin, Malibu® rum, Kahlúa® liqueur, Mumm®
champagne, and Jacob's Creek®, Wyndham Estate®, Stoneleigh®, Campo
Viejo®, and Kenwood® wines. Corby is a publicly traded company
based in Toronto, Ontario, and is
listed on the Toronto Stock Exchange under the trading symbols
CSW.A and CSW.B. For further information, please visit our
website or follow us on LinkedIn.
This press release contains forward-looking statements,
including statements concerning possible or assumed future results
of Corby's operations. Forward-looking statements typically are
preceded by, followed by or include the words "believes",
"expects", "anticipates", "estimates", "intends", "plans" or
similar expressions. Forward-looking statements are not guarantees
of future performance. They involve risks, uncertainties and
assumptions and, as such, actual results or expectations could
differ materially from those anticipated in these forward-looking
statements. Accordingly, readers should not place undue reliance on
forward-looking statements. All financial results are reported
in Canadian dollars.
SOURCE Corby Spirit and Wine Limited