Business
RUM Reports Financial Results for the Third Quarter Ended September 30, 2024
EDMONTON, AB / ACCESSWIRE / November 27, 2024 / Rocky Mountain Liquor Inc. (TSXV:RUM) (the "Comp...
About this update from Rocky Mountain Liquor Inc.
[{"type":"text","content":"RUM Reports Financial Results for the Third Quarter Ended September 30, 2024EDMONTON, AB / ACCESSWIRE / November 27, 2024 / 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 third quarter ended September 30, 2024.KEY OPERATING AND FINANCIAL HIGHLIGHTS 3 months ended 9 months ended September 2024 September 2023Restated(1) September 2024 September 2023Restated(1) Sales $10,907,795 $11,380,346 $29,536,450 $31,235,252 Gross margin (2) 23.4% 23.6% 23.1% 23.2%Net comprehensive income (loss) (3) $112,111 $261,436 $(424,970) $283,869 Adjusted EBITDA (2) $343,347 $536,675 $165,914 $961,555 Performance Highlights:Gross Margins Remain Steady: Gross margin percentages for the three and nine months ended September 30, 2024, remained consistent with prior periods, demonstrating the Company's ability to manage pricing and cost strategies effectively.Investing in Long-Term Growth: Despite reduced net comprehensive income (loss) and Adjusted EBITDA compared to the same periods in 2023, the Company has made strategic investments, including the implementation of a new point-of-sale system, which enhances operational efficiency.Strategic Adaptation to Market Dynamics: Sales were impacted by external factors, such as intensified competition, road construction in key markets, and the closure of one store. However, the Company's gross margins were resilient, and operating and administrative costs reflect investments in employees and infrastructure.\"Our Q3 results reflect both the challenges and opportunities of operating in a dynamic economic environment. While external factors have impacted our performance, we remain steadfast in our commitment to delivering exceptional value and experiences to our customers. By continuing to refine our strategies and invest in our operations, we are well-positioned to navigate current challenges and seize opportunities in 2025 and beyond,\" stated Peter Byrne, CEO of Rocky Mountain Liquor.The retail sector in Alberta, including liquor sales, continues to face headwinds from persistently low consumer confidence, elevated debt servicing costs, and inflationary pressures. However, as inflation shows signs of easing and Alberta's GDP is forecasted to grow in 2025, Rocky Mountain Liquor is opt...