Thursday, August 24, 2017
The Beer Store has attributed a major decline in net income in 2016 to the Ontario government's decision to allow grocery stores to sell beer and the growth of craft breweries.
According to its annual report released last week, the Beer Store generated about $7.2 million in net income in 2016 – less than half of the approximately $14.7 million the foreign-owned consortium reported in 2015, the CBC reports.
The report also showed sales were down $10.5 million in 2016 to just over $400 million from $411 million in 2015. Significantly, 2016 marked the first full year that beer was available for Ontarians to purchase in grocery stores and supermarkets.