LCB Reports Record Net Income for the Year | Business
A toast to the state liquor board for his record performance.
The LCB reported on Wednesday that unaudited sales stood at $ 2.91 billion for the 2020-2021 fiscal year, which ended on June 30. This was $ 349.4 million, or 13.7%, more than for fiscal year 2019-20.
Sales for the most recent fiscal year were also $ 238.5 million, up 8.9% from the previous LCB record of $ 2.67 billion in fiscal year 2018-19. .
The net profit for 2020-2021 totaled $ 264.9 million – $ 56.1 million, which is 26.9% more than in 2019-2020. This jump was attributed to higher gross profits from sales, which were offset by higher operating expenses, license fees and other sources of income.
Shawn Kelly, spokesperson for the independent government agency, has a valid explanation for the decline in fiscal year 2019-2020 and the record recovery a year later in the approximately 600 fine wine and fine spirits stores in the Commonwealth .
âStores closed for several months at the start of the pandemic,â he said, referring to the second quarter of 2020. âWe closed our e-commerce center and online orders until we COVID masteries, and that slowed down it was a record pace. âWe instituted curbside pickup before reopening when (counties entered the green phase of operations).
âIt affected our 2019-2020 fiscal year, why sales declined for the first time in years and years. We were able to keep the stores open all year (fiscal year) in 2020-21. This explains part of the growth.
Store closures weren’t the only factor, Kelly added. âSales to licensees are included. Not only did retail stores close, but bars and restaurants weren’t buying as many wines and spirits.
It’s a thing of the past, and Kelly, speaking from Harrisburg, said the wine and spirits operations have regained their balance and “are back to more normal operations.” It’s part of the growth we’re seeing.
A total of $ 813.4 million in contributions from sales will go to state and local governments and other beneficiaries. And $ 764.8 million is earmarked for the General Fund, schools, health and social service programs, law enforcement, public safety initiatives, and other services.
News of the record-breaking effort came less than a week after the LCB set a purchase limit of two bottles per day on 43 items from customers in stores, bars, restaurants and other licensees.
âWhy did this happen? It could be a variety of things,â Kelly said. âSuppliers can’t get glass, labor issues, not enough resources to bottle or ship. In some cases there are transportation issues.
“We are talking about a small part of our catalog, however.”