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
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
With strong top-line growth and reduced expenses, the quarter ended
"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
"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
About Corby
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.
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