Economy slow, not liquor sales

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http://thechronicleherald.ca/Front/9012228.html

Economy slow, not liquor salesNSLC shows record $212m profit for fiscal yearBy DAVID JACKSON Provincial ReporterWed. Jun 17 - 11:15 AM

Growth in liquor sales slowed in the last quarter of 2008-09, but the Nova Scotia Liquor Corp. still reported a record profit of $212.6 million for the year ending March 2009.The Crown corporation released its year-end financial results this morning. They showed $14 million more in profit compared to last year, with a higher volume of alcohol sold in all four categories — beer, wine, spirits, and ready-to-drink products.A corporation news release said the economic downturn hasn't affected Nova Scotia as much as other provinces, though the effects did start to show in slower growth in the fourth quarter between January and March.President and chief executive officer Bret said in a news release the continued increase in sales is a testament to the employees' dedication and an emphasis on improved stores and better product selection."While this performance is strong, it is not a guarantee that NSLC sales will remain unaffected if the economy gets worse in Nova Scotia," Mr. said."The products we sell are discretionary purchases made by our customers. The volume of product purchased has declined in past recessions and only a strong focus by all employees, combined with smart retailing practices, will enable the business to continue to produce future short-term growth."The release said the sales in Halifax Regional Municipality drove the overall growth. All regions of the province showed an increase in profit, but only the Halifax and Dartmouth areas saw an increase in the volume of alcohol sold. There were volume decreases in Cape Breton, and the rest of the mainland.The fourth-quarter profit was $40.7 million, up about $3 million from the previous year.