Quebec liquor board (SAQ) reports another drop in net profit
![SAQ head office in Montreal SAQ head office is seen in Montreal, Monday, Feb. 12, 2024. (Ryan Remiorz, The Canadian Press)](/content/dam/ctvnews/en/images/2024/3/28/saq-head-office-in-montreal-1-6825711-1711634755340.jpg)
The Quebec liquor board (Société des alcools du Québec - SAQ) reported a 3.5 per cent drop in third-quarter net profit on Thursday compared with the same period a year earlier.
The Crown corporation said that for the quarter ending Dec. 30, its profits totalled $522.7 million, compared with $541.4 million for the same quarter last year.
Meanwhile, sales fell by 0.9 per cent to $1.4 billion, largely due to a decline in the wholesale grocery network. Sales in the branch and specialized centre network remained stable at $1.3 billion.
The SAQ has made no secret of the fact that the "slight decline" seen over the last three quarters could continue, given the economic climate.
"The operating results achieved in the third quarter are satisfactory given the economic context. However, they are not sufficient to enable us to achieve our net profit target for the year," it acknowledged in its third-quarter financial report.
Online sales were up 30 per cent on the same quarter last year, accounting for 4.1 per cent of consumer sales. The SAQ explains this increase by the anticipation of a commercial activity.
The average basket of purchases made by consumers in stores and specialized centres fell from $68.95 to $67.65, a decline of 1.9 per cent.
Sales of Quebec products in the third quarter totalled $195.3 million and accounted for 15.1 per cent of sales in the branch and specialized centre network, down 2.2 per cent year-on-year.
This report by The Canadian Press was first published in French on March 28, 2024.
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.6976926.1721883767!/httpImage/image.png_gen/derivatives/landscape_800/image.png)
AS IT HAPPENED Wildfire reaches Jasper Wednesday night, causes 'significant loss'
One of two wildfires threatening Jasper National Park reached the townsite Wednesday night and caused 'significant loss.'
Alberta calls in army to assist with wildfire situation
Alberta has called in the Canadian Armed Forces to help assist with the worsening wildfire situation in the province.
Biden explains why he ended re-election bid in Oval Office address
U.S. President Joe Biden on Wednesday delivered a solemn call to voters to defend the country's democracy as he laid out in an Oval Office address his decision to drop his bid for reelection and throw his support behind Vice President Kamala Harris.
Barrie-Innisfil MPP 'blacked-out' and crashed car into window of child care centre
Staff at a Barrie child care centre say they are frustrated by what they call a local MPP's inadequate response after a car crashed through a window in one of the toddler rooms.
Norad intercepts Russian and Chinese bombers operating together near Alaska in apparent first
The North American Aerospace Defence Command (Norad) intercepted two Russian and two Chinese bombers flying near Alaska Wednesday in what appears to be the first time the two countries have been intercepted while operating together.
2 Canadians being 'sent home immediately,' removed from Olympic team after drone incident
An analyst and an assistant coach with Canada Soccer are being removed from the Canadian Olympic Team and 'sent home immediately,' according to the Canadian Olympic Committee.
An unwelcome attendee has joined the Paris Olympic Games: COVID-19
After a handful of Australian water polo players tested positive for COVID-19 this week, questions have emerged around how the spread of the disease will be mitigated at the Summer Olympic Games in Paris.
Vacations, meals, booze: Contractor used $100K of charity's money for personal expenses, B.C. court finds
A B.C. man who was hired to help a non-profit build a food hub but instead spent the money on personal expenses – including travel, restaurants, booze and cannabis – has been ordered to pay more than $120,000 in damages.
Male, female killed, 2 others injured in 'gun battle' outside Toronto plaza: police
Two people are dead and two others suffered serious injuries following a shooting that police have described as a 'gun battle' outside a plaza in Scarborough, Ont. early Wednesday morning.