saq profit increase 2021 2020

The SAQ just reported a quarterly profit of $284-million, a 16% increase

Consumers’ purchasing patterns shifted drastically during the pandemic.

The SAQ is reporting a net income of $284-million for the first quarter of 2021-22. This is a 16% increase from the Crown corporation’s first quarter last year, with an additional $40.5-million made. The company’s total dollar sales grew to $832.2-million, an 8.3% increase.

SAQ reports that this increase can be largely attributed to the pandemic. In the first quarter of the 2020–21 fiscal year, various safety protocols were introduced in stores across the province, measures that affected their sales at the time.

The average value of customers’ shopping carts dropped from $85.82 to $69.71. This is a byproduct of the pandemic. Unlike last year, consumers are now shopping more often but spending less with every visit.

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The SAQ has reported a 16% increase in net income from this quarter last year.

At the end of the SAQ’s 2020–21 fiscal year, which ended on March 27, 2021, there was a reported net income of $1.2-billion. This was a 0.5% drop from the previous year.

Founded in 1921, the Crown company celebrates its centennial with 409 stores and 429 agency stores across Quebec. The SAQ sells close to 44,000 products from 3,700 suppliers in 82 countries.

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