Business
RUM Reports an Increase to EBITDA for Q3 2023 Consolidated Financial Results Compared to 2022
EDMONTON, AB / ACCESSWIRE / November 16, 2023 / Rocky Mountain Liquor Inc. (TSXV: RUM ) (the "Co...
About this update from Rocky Mountain Liquor Inc.
[{"type":"text","content":"RUM Reports an Increase to EBITDA for Q3 2023 Consolidated Financial Results Compared to 2022EDMONTON, AB / ACCESSWIRE / November 16, 2023 / Rocky Mountain Liquor Inc. (TSXV:RUM) (the \"Company\" or \"Rocky Mountain\"), listed on the TSX Venture Exchange (the \"Exchange\"), today reported its financial results for the three and nine month periods ending September 30, 2023.KEY OPERATING AND FINANCIAL HIGHLIGHTSThree month comparison July 1 - September 30:Gross margin increased 8% to 24.2% (2022 22.4%)EBITDA increased 6% to $536,675 (2022 $505,613)Operating margin increased 3% to $909,564 (2022 $884,749)Nine month comparison January 1 - September 30:Gross margin increased 6% to 23.9% (2022 22.5%)EBITDA increased 11% to $961,555 (2022 $868,848)Operating margin increased 4% to $2,008,247 (2022 $1,931,217)EBITDA for the three and nine month period ending Q3 2023 is continuing to outperform 2022. The Company has continued to reduce debt by $1.4M over the last 12 months, improving the balance sheet position and helping offset interest costs from increases in the prime rate.Allison Radford, CEO commented \"Management will continue focusing on improving category management through purchasing optimization, pricing strategies, and a focus on meeting market driven consumer demand. The Company is continually evaluating its marketing plans to ensure that the strategies are generating brand awareness and brand engagement as well as driving customer traffic to its stores.\"The following table summarizes key operating and financial metrics of the Company's financial performance for the three and nine month periods ending September 30, 2023, and 2022. 3 months ended 9 months ended Sep 2023 Sep 2022 Sep 2023 Sep 2022 Sales $11,057,847 $11,867,942 $30,361,418 $31,564,891 Sales of Existing Stores (1) $11,057,847 $11,674,363 $30,361,418 $31,010,536 Average Sales Per Existing Store (2) $442,314 $449,014 $1,214,457 $1,192,713 Gross Margin 24.2% 22.4% 23.9% 22.5%Operating Margin (3) $909,564 $884,749 $2,008,247 $1,931,217 EBITDA (3) $536,675 $505,613 $961,555 $868,848 Net Comprehensive Income $261,436 $270,303 $283,869 $288,821 Number of Stores in Operating at Period End 25 26 25 26 Total Credit Facility Use $2,442,836 $3,838,326 $2,442,836 $3,838,326 Notes:Sales existing stores are sales from stores that are in operation during the applicable period.Av...