LIQUOR STORES NA LTD 4.70 PCT DEBS T.LIQ.DB.B

NEWS: Q3 Financials

[BSdetector2016]

EDMONTON, Alberta, Nov. 09, 2017 (GLOBE NEWSWIRE) -- Liquor Stores N.A. Ltd. (the Company or Liquor Stores) (TSX:LIQ) today reported its results for the three and nine months ended September 30, 2017. For the third quarter of 2017 compared to the third quarter of 2016: Consolidated sales were $204.4 million, down 2.1% from $208.8 million. Approximately two-thirds of this decline related to the foreign exchange impact of translating our $USD sales to $CAD. On an adjusted basis to exclude one-time and unusual items, operating profit before amortization was $9.9 million for the third quarter of 2017. On an unadjusted basis, operating profit before amortization was $5.2 million, down from $12.6 million in Q3 2016. Canadian same-store sales were $126.3 million, down 1.6% from $128.3 million in Q3 2016. U.S. same-store sales were $51.0 million USD, down 2.9% from $ 52.6 million USD in Q3 2016. On an adjusted basis to exclude one-time and unusual items and impairments, net earnings were $4.4 million for the third quarter of 2017 compared to net earnings of $4.6 million in Q3 2016. The Company realized a net loss of $2.8 million on an unadjusted basis. The Companys inventory reduction efforts are already well under-way, with over $20 million of inventory reductions achieved compared to the beginning of the year.