Rocky Mountain Liquor Inc. - RUM Reports Financial Results for the Second Quarter Ended June 30, 2024

About this update from Rocky Mountain Liquor Inc.

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 second quarter ended June 30, 2024 . The Great Canadian Liquor brand is strategically focused on providing an exceptional customer experience while maintaining competitive pricing. The Company continues to adapt to changing economic conditions however the persistent presence of elevated inflation rates and interest levels has notably impacted consumer spending patterns in the first six months of 2024. A net comprehensive loss was incurred and EBITDAR is lower for the 3 and 6 months ended June 30, 2024 , compared to net comprehensive income and higher EBITDAR for the same 3 and 6 month periods in 2023, primarily due to: Lower sales and the corresponding lower dollar gross margin due to increased competition in certain markets, road construction in a significant market impacting customer access to the store, milder weather throughout Alberta in the second quarter with less favorable weather conditions, and continued historically low consumer confidence. Higher operating and administrative expenses due to annual salary increments and an increase in nonrecurring items attributed to the new point-of-sale implementation and the closure of one store. Higher loss on disposal of property and equipment and intangible assets from the loss on disposal of a building as part of the closure of one store location. In August 2024 , the Company completed the implementation of the new point-of-sale system. It has been designed to streamline operations, empower team members, and elevate the overall customer experience. Management will continue for the remainder of 2024 to focus on improving category management through pricing strategies and a strong promotional focus. Detailed information in the form of the Company's unaudited interim consolidated financial statements and Management Discussion and Analysis are available under the Company's profile on SEDAR+ at www.sedarplus.com and also on the Company's website at www.ruminvestor.com. After accessing the website, please choose the 'Investor Relations' tab to view Quarterly Reports. About Rocky Mountain Rocky Mountain is a public company whose shares are traded on the TSX Venture Exchange (TSX-V:RUM). Rocky Mountain is the parent to a wholly owned subsidiary, Andersons Liquor Inc. headquartered in Edmonton, Alberta , which owns and operates 24 private liquor stores in that province. Forward-Looking Statements This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Forward-looking statements and information are often, but not always, identified by the use of words such as 'appear', 'seek', 'anticipate', 'plan', 'continue', 'estimate', 'approximate', 'expect', 'may', 'will', 'project', 'predict', 'potential', 'targeting', 'intend', 'could', 'might', 'should', 'believe', 'would' and similar expressions. Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as investment decisions. In particular, results achieved in 2022 and previous periods might not be a certain indication of future performance, which is subject to other risks, including but not limited to changes in operational policies, changes in management, changes in strategic focus, market conditions and customer preferences, the impact from COVID19 pandemic on our operations and third party suppliers. Since forward-looking statements and information address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks, the risks that these events may not materialize as well as those additional factors discussed in the section entitled 'Risk Factors' in RUM's Management Discussion and Analysis, which can be obtained at www.sedarplus.com. If they do materialize, there remains a risk of non-execution for any reason. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release. The forward-looking statements and information contained in this news release are made as of the date hereof, and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the TSX-V. This cautionary statement expressly qualifies the forward-looking statements or information contained in this news release. Contact: Allison Radford Tel: (780) 483-8183 (C) 2024 Electronic News Publishing, source ENP Newswire

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