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.
About Corby
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