Business
RUM Reports a 36% Increase to Income from Operations in its Q3 2020 Consolidated Financial Results
EDMONTON, AB / ACCESSWIRE / November 25, 2020 / Rocky Mountain Liquor Inc. (TSXV: RUM ) (t...
About this update from Rocky Mountain Liquor Inc.
[{"type":"text","content":"RUM Reports a 36% Increase to Income from Operations in its Q3 2020 Consolidated Financial ResultsEDMONTON, AB / ACCESSWIRE / November 25, 2020 / Rocky Mountain Liquor Inc. (TSXV:RUM) (the \"Company\" or \"Rocky Mountain\"), listed on the TSX Venture Exchange (the \"Exchange\"), today reported its unaudited financial results for the three month and nine month periods ending September 30, 2020.The Company has continued to succeed at its objective to grow market share and reduce costs, having increased income from operations by $327,185 for the three month period in 2020 and $1.2M for the nine month period when compared to the same periods in 2019. Sales have increased by $1.4M for the three month period of 2020 and $4.1M for the nine month period. The 36% growth in income from operations in the three month period, and 58% in the nine month period is a result of an increase in sales of 12% in both the three and nine month periods in 2020 while managing operating and administrative expenses.As at November 25, 2020, all locations are open and operational. The novel coronavirus pandemic continues to positively impact sales at the Company. The Company's financial results show increased sales, driven by increased demand for liquor product following the onset of the crisis and continuing through the year as a result of consumers choosing liquor retailers in lieu of licensed establishments during the COVID-19 pandemic. We continue to incur additional costs for safety and sanitization measures to ensure our employees and customers are working and shopping in a safe environment. The Company has increased sanitation throughout the stores, installed plexiglass shields at counters, installed touchless sanitation units for customer and staff use at store entrances, mandated masks for staff at all locations, provide masks to customers, maintains social distancing measures within the locations, and restricts the number of individuals in the store at a time.After removing a non-recurring gain of $3.5M from net income in 2019 resulting from the redemption of the Company's convertible debenture, there is an increase in net income for the three month period of $567,499 and nine month period of $2.0M in 2020 over 2019. This is a result management's continued focus on competitive pricing strategies, an increase in sales and reduction to finance costs....