Business
RUM Reports Annual Financial Results for the Year Ended December 31, 2024
EDMONTON, AB / ACCESS Newswire / April 29, 2025 / Rocky Mountain Liquor Inc. (TSX-V: RUM ) (th...
About this update from Rocky Mountain Liquor Inc.
[{"type":"text","content":"RUM Reports Annual Financial Results for the Year Ended December 31, 2024EDMONTON, AB / ACCESS Newswire / April 29, 2025 / 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 full year and fourth quarter ended December 31, 2024.KEY OPERATING AND FINANCIAL HIGHLIGHTS 3 months ended 12 months ended December 2024 December 2023 December 2024 December 2023 Sales $10,171,265 $10,240,815 $39,707,715 $41,746,067 Gross margin (1) 22.8% 22.4% 23.0% 23.0%Net comprehensive (loss) income $(1,690,059) $179,193 $(2,115,029) $463,062 Adjusted EBITDA(1) $143,945 $96,757 $309,859 $1,090,092 During the fourth quarter of 2024, the Company delivered improved gross margin percentages compared to the same period in the prior year. This was achieved through a more strategic approach to purchasing, and aligning inventory procurement with limited-time offers that supported profitability. Adjusted EBITDA for the quarter also improved over Q4 2023, benefitting from these stronger margins and reduced lease costs, demonstrating the Company's ability to manage expenses effectively in a competitive landscape.For the full year, financial results were mixed, as positive operational initiatives were tempered by external headwinds and non-recurring costs. Total sales for 2024 were lower than the prior year, impacted by a combination of factors including increased competition in certain markets, the closure of one store in the second quarter and road construction limiting access to a key location. Operating and administrative expenses rose over 2023 levels, reflecting annual salary adjustments, one-time expenses associated with the implementation of a new point-of-sale (POS) system, and higher professional fees related to shareholder matters.A significant milestone for the Company in 2024 was the successful rollout of its modernized POS system across all retail locations. Following a thorough sourcing, testing, and phased implementation process that began in 2023, the system was completely integrated chain-wide by August 2024. This investment has already enhanced operational efficiency and improved the customer experience, with a faster, more intuitive checkout process and enhanced reporting capabilities for management. This modernization ...