TORONTO, Aug. 25, 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 fourth quarter and year ended June 30, 2021.
Consumer demand remained resilient on a full year basis, driven by dynamic retail channel and International markets growth. However, despite the positive impact of the on-premise channel reopening, Q4 saw a softening in retail domestic purchases against a high comparison base as it cycled increased consumer demand from the early stages of COVID-19 restrictions last year.
The fourth quarter reported value growth with revenue increasing 6% compared to the three month period ended June 30, 2020, leading to full year growth of 4% (+5% excluding the impact of accelerated amortization of representation rights):
- Acceleration of our international market performance (+31% full year)
- Robust commission income growth (+3% full year; +8% excluding the impact of accelerated amortization of representation rights); and
- Solid domestic performance (+1% full year) and bulk sales contributed to this positive result.
In this volatile environment, Corby managed its expenditures and brand investments in a purposeful and cautious way throughout the year. With the reopening of the on-premise channel and reduction of COVID-19 restrictions in Q4, we responded quickly and increased brand building investments significantly. As a result, sales, marketing and administrative expenses were up 32% in the fourth quarter, while down 1% for the full fiscal year.
Reported net earnings were $5.7 million for the fourth quarter, down 20% compared to the same period last year as a result of expense phasing. For the full fiscal year 2021, Corby delivered strong earnings of $30.6 million, up 15% compared to fiscal 2020.
"Corby delivered a strong financial performance in extraordinary circumstances during fiscal 2021," noted Nicolas Krantz, President and CEO of Corby. "Corby has shown resilience throughout the pandemic, evolving ways of working and inspiring our consumers to choose from our portfolio of brands. We focused on winning share in key categories and building strong relationships with our partners to deliver excellent earnings growth. We continue to pursue efficiencies and effectiveness through our digital transformation, from optimizing our trade investments to accelerating our eCommerce route-to-consumer. With the on-premise channel and hospitality sector reopening, echoing our J.P. Wiser's advertising campaign, this is our Second Shot to celebrate the missed events of the past year with friends and family."
The Corby Board of Directors has declared a dividend of $0.21 per share, in line with its policy to pay an amount equal to the greater of 90% of prior year net earnings per share in the preceding fiscal year, and $0.60 per share, which is payable on September 29, 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 September 15, 2021.
For further details, please refer to Corby's management's discussion and analysis and consolidated financial statements and accompanying notes for the three-months and year ended June 30, 2021, prepared in accordance with International Financial Reporting Standards.
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
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