Q1 earnings outLooks like the covid-induced boom is over and a return to normal. Results are up though over the pre-pandemic period which is the good news here. In addition the company has raised the quarterly dividend to 0.24 based on last FY results.
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Q1 Results
While we are pleased with positive underlying market performance, Adjusted Revenue was impacted by the cycling of last year's exceptionally high comparison (+13% in Q1 last year) and some supply chain delays due to global volatility. As a result, Adjusted Revenue declined by 9% vs the same period last year (-11% reported Revenue).
Similar adverse comparison basis occurred on our Sales, Marketing and Administration expenses with an increase of +6% (versus -14% in Q1 last year), with marketing activities focusing on media investments on key brands, supporting on-premise rebound.
Q1 Adjusted Net Earnings declined by 27% but notably have grown strongly versus pre-pandemic Q1 fiscal year 2020 with a CAGR of +8.8%. (Reported net earnings declined by 35%, CAGR of +4.3% vs pre pandemic Q1 fiscal year 2020).
Outlook
"I am encouraged by the underlying consumer demand in our first quarter performance and with the rebound of the on-premise channel, this enabled us to increase our brand building efforts. Our reported results are adversely impacted when compared to last year's exceptionally high comparison period and are not indicative of the anticipated full year trend as the phasing of our shipments and our costs normalize over time" noted Nicolas Krantz, CEO.
"I am particularly pleased that the underlying business fundamentals enabled the Board to maintain dividends in line with our generous policy and to share the success of the strong result we delivered in FY21," Mr. Krantz continued.
https://stockhouse.com/news/press-releases/2021/11/10/corby-spirit-and-wine-limited-today-released-its-first-quarter-results-for-the