EDMONTON – Liquor Stores N.A. Ltd. (TSX:LIQ) says a drop in same-store sales and higher expenses contributed to a decline in third-quarter net income.
Edmonton-based Liquor Stores, North America’s largest publicly traded liquor retailer, said Wednesday that net income fell to $5.8 million, or 25 cents per diluted share, in the three months ended Sept. 30.
That was down from $6.5 million, or 28 cents per share, in the same year-earlier period.
Revenue rose to $172.9 million from $164.5 million as the company had 246 stores in operation in the period (since reduced to 245), two more than in the comparable 2012 quarter.
Besides a one per cent decrease in same-store sales, Liquor Stores said it faced an increase in operating expenses as well as investments in information technology infrastructure and head office staffing to support its growth strategy.