Alcanna Posts 25% Increase In Sales In Q2

Alcohol retailer Alcanna Inc. CLIQ LQSIF released Wednesday its unaudited financial results for the second quarter and the first six months of fiscal 2020. 

The Edmonton, Alberta-based company noted that its liquor and cannabis stores remained open during the current health crisis, due to being deemed essential services.

Here’s what the latest earnings report revealed:

• During the second quarter, total sales amounted to $215.6 million, up by 24.9% compared to the same period last year
• Total sales for the first six months were $377.7 million compared to around $299 million in the first half of 2019
• Same-store liquor sales increased by 13.4% during the quarter
• Gross margins in the liquor operating segment went up to 22.7% in the second quarter, versus 21.7% in the previous quarter and 22.1% in the corresponding quarter of last year
• Operating profit before amortization and provisions was $19.4 million, up by 213.5% year-over-year
• Profit before income taxes amounted to $6.1 million, versus a loss of $6.2 million in the previous year
• Total cannabis store sales in the second quarter amounted to $14.4 million, up by 63.9% over the year

Meanwhile, Alcanna recently finalized a deal offering worth $27.6 million with Aurora Cannabis Inc. ACB. According to the agreement, underwriters opted to purchase 9.2 million common shares of the company at $3 per share.

Courtesy photo