TORONTO, May 13, 2021 /CNW/ - Corby Spirit and Wine
Limited ("Corby" or the "Company") (TSX: CSW.A) (TSX: CSW.B)
today announced financial results for its fiscal 2021 third quarter
ended March 31, 2021.
One year into the pandemic, consumer demand continues to display
strong resilience, with dynamic gains in the off-premise channel
continuing to offset closures in on-premise and travel retail
channels. The pandemic brought forth new opportunities related to
at-home consumption occasions and ecommerce.
This quarter delivered value growth with revenue increasing 2%
compared to the three month period ended March 31, 2020, leading to solid year to date
growth of 4%. Strong domestic performance, led by commission income
in particular (+7% year to date) and the acceleration of our
international market performance (+13% year to date) contributed to
this positive result.
Corby has continued to manage its expenditures and brand
investments in a purposeful and cautious way, given government
emergency measures and constraints in program execution. As a
result, total marketing, sales and administration expenses
decreased by 9% in the quarter and by 11% year to date.
Net earnings were $6.2 million for
the third quarter, up 20% compared to last year, and up 28% to
$24.9 million on a year to date
basis.
"Corby's performance continues to show resilience through the
pandemic with solid revenue growth and a cautious management and
phasing of our expenditures, resulting in exceptional earnings
growth. I look with confidence toward the end of the pandemic and
the reopening of the hospitality sector, as Canadian's once again
meet together to celebrate and socialize. Until such time, we
continue to bring great products to market that meet changing
consumer needs, such as our award winning Lot No. 40 Dark Oak,
J.P.Wiser's Old Fashioned ready to pour cocktail, or Jameson Cold
Brew," noted Nicolas Krantz,
President and Chief Executive Officer.
The Corby Board of Directors today also declared a dividend of
$0.21 per share, in line with its
policy to pay at 90% of prior year earnings, which is payable on
June 11, 2021 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
May 27, 2021.
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-and-nine-months ended March 31,
2021, 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