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 …