The Société des alcools du Québec (SAQ) reported on Monday a decline in its net profit for the second quarter of the 2023-2024 financial year compared to the corresponding period of the previous year.
The state-owned company forecasts that the slowdown in growth observed over the last two quarters could continue given the economic context.
Net income declined in the quarter that ended September 9, by $14.1 million, to $336.3 million, while sales fell 0.6% to reach $945.7 million, due to of the decline in the network of wholesale grocers.
The SAQ notes that it acts as a wholesaler to the network of grocery and convenience stores in Quebec. As such, the sales of this network do not necessarily reflect the sales made by these establishments to consumers.
The SAQ also specifies that sales of the network of its branches and specialized centers reached $878.1 million, an increase of 0.2%. Online sales recorded an increase of 4.5% and represented 2.6% of sales made to consumers.
The average basket of purchases made by consumers in branches and specialized centers increased from $64.51 to $62.42, a drop of 3.2% that the SAQ explains by more frequent visits by consumers to branches, as evidenced by the growth in ridership of 3.2%.
As for sales of Quebec products in the second quarter, they totaled $147.8 million and represented 16.8% of sales made to the network of branches and specialized centers.