ALBERTA

Liquor Stores N.A. sees boost in Q2 profit, sales, due to one-time items

08/06/2013 07:07 EDT | Updated 10/06/2013 05:12 EDT
EDMONTON - Liquor Stores N.A. Ltd. (TSX:LIQ) reported Tuesday a 10 per cent increase in profit in the second quarter due to several one-time cost adjustments.

The retailer earned $5.3 million, or 23 cents per diluted share, for the three-month period ended June 30. That compared with $4.8 million, or 21 cents per diluted share, for the same period a year earlier.

It said the increase can be attributed to a $1.2 million adjusting item linked to a store investment, a $1.1 million change in a non-cash interest expense and a $900,000 change in the mark-to-market adjustments on an interest rate swap.

Overall, Liquor Stores N.A. said it saw a decline in same store sales in the U.S., and an increase in its operating expenses.

It recorded sales of $167.7 million in the quarter, compared with $159.6 million a year earlier.

Sales in Canada were helped by the openings of two Wine and Beyond stores in Edmonton, but hurt by lower sales in the U.S., due to bad weather in Kentucky.

Liquor Stores N.A. Ltd. operates 245 liquor stores in Alberta, B.C., Alaska and Kentucky.

Its shares, which closed before its earnings were release, were down 14 cents at $17.39 Tuesday on the Toronto Stock Exchange.

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