Business
RUM Reports a 36% Increase to Net Income for Q2 2023 Consolidated Financial Results Compared to Q2 2022
EDMONTON, AB / ACCESSWIRE / August 29, 2023 / Rocky Mountain Liquor Inc. (TSX-V: RUM ) (the "Com...
About this update from Rocky Mountain Liquor Inc.
[{"type":"text","content":"RUM Reports a 36% Increase to Net Income for Q2 2023 Consolidated Financial Results Compared to Q2 2022EDMONTON, AB / ACCESSWIRE / August 29, 2023 / Rocky Mountain Liquor Inc. (TSX-V:RUM) (the \"Company\" or \"Rocky Mountain\"), listed on the TSX Venture Exchange (the \"Exchange\"), today reported its financial results for the three and six month periods ending June 30, 2023.KEY OPERATING AND FINANCIAL HIGHLIGHTSThree month comparison April 1 - June 30:Average sales per existing store increased by $18,951 per store or 5% to $436,854 (2022 $417,903)Gross margin increased by 7% to 24.2% (2022 22.7%)EBITDA increased by 76,024 or 17% to $517,683 (2022 $441,659)Net income increased by $82,584 or 36% to $312,689 (2022 $230,105)Six month comparison January 1 - June 30:Average sales per existing store increased by $28,444 per store or 4% to $772,143 (2022 $743,699)Gross margin increased by 4% to 23.6% (2022 22.6%)EBITDA increased by $61,643 or 17% to $424,878 (2022 $363,235)Net income increased by $3,913 or 21% to $22,429 (2022 $18,516)Total credit facility use reduced by $1.8M or 33% to $3.65M (2022 $5.45M)Allison Radford, CEO commented \"EBITDA for the three and six month period ending Q2 2023 outperformed 2022 by 17% during a time in which inflation remains persistently high. This has allowed the Company to reduce debt by $1,796,880 in the last 12 months, improving the balance sheet position and helping offset interest costs from increases in the prime rate. The Company remains dedicated to reducing debt and related interest costs, while identifying opportunities for increasing shareholder value. For the remainder of 2023, Management remains focused on managing costs and growing The Great Canadian Liquor brand providing and exceptional customer experience while maintaining competitive pricing.\"The following table summarizes key operating and financial metrics of the Company's financial performance for the three and six month periods ending June 30 2023 and 2022. 3 months ended 6 months ended Jun 2023 Jun 2022 Jun 2023 Jun 2022 Sales $10,921,339 $11,053,602 $19,303,571 $19,696,952 Sales of Existing Stores (1) $10,921,339 $10,865,473 $19,303,571 $19,336,176 Average Sales Per Existing Store (2) $436,854 $417,903 $772,143 $743,699 Gross Margin 24.2% 22.7% 23.6% 22.6%EBITDA (3) $517,683 $441,659 $424,878 $363,235 Net Income $312,689 $230...