EDMONTON, Alberta, Nov. 12, 2023 (GLOBE NEWSWIRE) — Alcanna Inc. (the “Company” or “Alcanna”) (TSX: CLIQ) today reported its financial results for the three and nine months ended September 30, 2023.
Third Quarter Financial Results
- For the third quarter of 2023, Alcanna’s same-store liquor sales from continuing operations was $145.4 million, 5.1% lower than Q3 2020 but an increase of 7.1% from Q3 2019.
- The operating profit before depreciation, remeasurements and provisions for the Company’s Liquor and Corporate Segments for the three months ended September 30, 2023 was $10.4 million compared to $13.9 million in Q3 2020 and $7.2 million for Q3 2019.
The Company’s condensed interim consolidated financial statements and management’s discussion and analysis (“MDA”) for the three and nine months ended September 30, 2023 will be available in the “Investor Centre – Financial Reports” section of the Company’s website at www.alcanna.com and will be filed on SEDAR and available at www.sedar.com.
FINANCIAL RESULTS
| (In thousands of Canadian dollars except per share amounts, unaudited) |
Three months ended September 30, |
Nine months ended September 30, |
||||||
| 2021 $ |
2020 $ |
2021 $ |
2020 $ |
|||||
| (Restated)(i) | (Restated)(i) | |||||||
| Sales | 184,646 | 176,965 | 515,823 | 498,703 | ||||
| Operating profit before depreciation, remeasurements and provisions | 9,344 | 15,957 | 21,441 | 34,433 | ||||
| Net (loss) earnings from continuing operations | (3,722 | ) | 1,112 | (18,896 | ) | 121 | ||
| Basic and diluted (loss) earnings per share from continuing operations | (0.04 | ) | 0.03 | (0.37 | ) | 0.01 | ||
i) The financial results for the three and nine months ended September 30, 2020 have been restated to exclude the results of the Company’s discontinued operations comprised of the British Columbia operations, which have been disposed as part of the Company’s coordinated plan to exit the British Columbia convenience-format retail liquor store business.
Since the March 22, 2023 spin out of Alcanna’s retail cannabis business into a separate publicly traded company, Nova Cannabis Inc., the Company indirectly participates in the retail cannabis business through its approximately 63% ownership of Nova. As a result of this majority investment, Alcanna must consolidate the financial results of both companies as per accounting practices. For discussion of Nova’s financial results, business updates and outlook, refer to Nova’s management’s discussion and analysis for the three and nine months ended September 30, 2023 at www.novacannabis.ca.
ABOUT ALCANNA INC.
Alcanna is one of the largest private sector retailers of alcohol in North America and the largest in Canada by number of stores – operating 170 locations in Alberta and British Columbia. The Company’s majority-owned subsidiary, Nova Cannabis Inc. (TSX: NOVC), also operates 71 retail cannabis stores in Alberta, Ontario and Saskatchewan.
Alcanna’s common shares trade on the Toronto Stock Exchange under the symbol “CLIQ”.
Additional information about Alcanna Inc. is available at www.sedar.com and the Company’s website at www.alcanna.com.
For Further Information
James Burns
Vice Chair and Chief Executive Officer
Alcanna Inc.
(587) 460-1026
