Branch sales increased by 1.2% year-on-year to reach $133.5 million. (Photo: The Canadian Press)
The Société québécoise du cannabis (SQDC) posted Thursday a net and overall result of $20.6 million (M$) for its first quarter, up 0.6% compared to that of $20.5M for the same period last year.
SQDC sales amounted to $142.6 million during the quarter ended June 17, which represented an increase of 2.6% compared to the turnover of $139.0 million in the first quarter of the year. Previous exercice.
In-branch sales rose 1.2% year-on-year to $133.5 million, while online sales jumped 28.7% to $9.1 million.
Net expenses for the first quarter increased, reaching $24.8M, or 17.4% of sales. In comparison, these amounted to $23.2M last year, for a ratio of 16.7% of sales.
The SQDC recalled that as of September 14, employees of 24 of its branches were still on strike, or approximately a quarter of its workforce. These establishments remain open, but their hours are reduced. The labor dispute, which pits the company against employees represented by the Canadian Union of Public Employees (CUPE), began shortly after the first quarter of last year, in May 2022.
Negotiations between the SQDC and the CUPE are taking place with the chief conciliator of the Ministry of Labor, said the state corporation.
Taking into account tax revenues linked to operations, namely the consumption tax and the excise tax, which totaled $49.8M, the SQDC will pay a total of $70.4M to governments, including $56.2M $ to the Quebec state.