NSLC Releases Third Quarter Financial Performance

Halifax – April 1, 2025 - The NSLC released its third-quarter financial results today (September 30 – December 29, 2024), reporting a 0.6% decrease in total sales to $230.9 million, with beverage alcohol sales decreasing 1.1% to $199.2 million and cannabis sales increasing 2.7% to $31.7 million when compared to the previous year.

“The timing of the New Year’s Eve holiday impacted our current results overall,” said Greg Hughes, President and CEO. “This quarter, the holiday fell outside the reporting period, contributing to a slight decrease in total sales over the previous year.”

Sales to bars, pubs, and restaurants declined 2.5% to $12.9 million in this quarter, while sales to other channels increased, with Private Wine and Specialty Stores up 14.8% to $4.7 million, and sales to Agency stores up 1.8% to $16.9 million.

Overall, sales of local beverage alcohol products increased 1.8% to $25.6 million. While sales for Nova Scotia spirits and local wine decreased, local ready-to-drink (RTD) sales increased 5.6% to $8.6 million, and craft beer sales increased 3.8% to $7.8 million. Local cannabis sales decreased 12.1% to $8.8 million. Despite this decrease, local cannabis still represented 27.9% of total cannabis sales.

In November, the Federal Government announced a GST/HST tax break from December 14, 2024, to February 15, 2025, on a number of products, including beer, wine, ciders, as well as pre-mixed beverages with 7% ABV or less. Any impact from this program will be reflected in next quarter results.

In December, the NSLC, in partnership with Coors Light, sponsored free rides with Halifax Transit for every Saturday throughout the month, reminding Nova Scotians to make getting home safely part of their plans throughout the holiday season and always. Now in its third year, the Free Ride program resulted in free transit rides for over 60,000 riders in HRM –  20,000  more participants over the previous year.

“We care about our people, our shoppers, and our communities, and we are committed to sharing messages that encourage Nova Scotians to plan ahead when they consume the products we sell,” shared Hughes. “Not driving impaired is an important message that we share throughout the year. We are proud to support programs like this. Thanks to our partnership with Coors Light, we were able to reach more people, offer more transit rides, and help more Haligonians get home safely this past holiday season.”

Corporate social responsibility is at the heart of who we are. Our people are driven by the good we do and our commitment to having a positive impact on the communities we serve.

This quarter, with the support of our shoppers, team members, and supplier partners, we raised $335,000 for Feed Nova Scotia and the Mental Health Foundation of Nova Scotia through our 2024 Community Holiday At-Cash Campaign.

Q3 Business Highlights

• Our diligent frontline employees asked customers who appeared to be under the age of 30 for valid photo ID 534,550 times and refused service 3,525 times.
• The NSLC partnered with Coors Light to expand the Free Ride program with Halifax Transit, which provided free rides to 61,871 riders during the busy holiday season. The program ran every Saturday during the month of December.
• Thanks to our shoppers, team members, and supplier partners, we raised $335,000 for our community partners, Feed Nova Scotia, and the Mental Health Foundation of Nova Scotia through our 2024 Community Thanks to the generosity of our team members, we raised $12,000 for the 2024 United Way Employee Workplace Campaign. 
• Throughout the quarter, 302 NSLC team members volunteered over 2,500 hours to give back to our communities.
  
   

Financial Highlights

(Compared to the same period last year):

• Net income (earnings) totaled $75.7 million, a decrease of $4.3 million or 5.4%.
• Total sales were $230.9 million, a decrease of $1.3 million or 0.6%.
• Cannabis sales were $31.7 million, an increase of $0.8 million or 2.7%.
• Beverage alcohol sales were $199.2 million, a decrease of $2.1 million or 1.1%.
• Total sales of local products were $34.4 million, a decrease of $0.8 million or 2.1%.
• Retail customer transactions for beverage alcohol decreased by 3.2% and the average value of each transaction was $42.73, an increase of 1.5%.
• Retail customer transactions for cannabis increased by 1.0% and the average dollar value of each transaction was $38.15, an increase of 1.6%.
• The average price per gram for cannabis decreased by 2.0% to $5.82.

Local Product Sales Highlights

Beverage Alcohol

• Nova Scotia ready-to-drink sales led the growth in local products with a 5.6% increase to $8.6 million.
  • Local cooler sales increased by 5.0% to $6.8 million.
  • Local cider sales increased by 7.8% to $1.8 million.
• Nova Scotia craft beer sales increased by 3.8% to $7.8 million.
• Nova Scotia spirit sales decreased by 3.2% to $4.2 million.
• Nova Scotia wine sales decreased by 2.7% to $4.9 million.

Cannabis

• Nova Scotia cannabis sales decreased 12.1% to $8.8 million.
• Nova Scotia cannabis accounts for 27.9% of all cannabis sales. 

Operating Expense Ratio

The NSLC’s operating expense ratio for the fiscal quarter, including amortization and depreciation, was 17.7% compared to 16.6% reported the prior year.

Board Expenses

The NSLC released the Board of Directors’ expenses for the quarter. These expenses amounted to $3.55 per Director, per day. An electronic version of these expenses are available to download.

About the NSLC

The NSLC manages the safe and responsible sale of beverage alcohol and cannabis in Nova Scotia, returning 100% of its profits to government to help fund key public services. The NSLC aspires to be a trusted retailer, partner, employer, and responsible industry steward. that is helping to create a stronger Nova Scotia. For more information about the NSLC, please visit our website at myNSLC.com.

For more information please contact:

Terah McKinnon

Senior Communications Advisor, External Relations

media@myNSLC.com 

Office: 902-450-5847