Canada: Sleeman Breweries posted net revenues increased in Q1 2005 and is focusing on cost controls
Sleeman Breweries Ltd. posted on May 11 lower profits for the first quarter and said it wants to focus on raising sales of premium beer and controlling costs as the Canadian industry faces tougher competition, according to Canadian Press. The Guelph, Ont.-based brewer announced it earned $1.6 million or 14 cents a share for the first quarter ended April 2. That compared with a profit of $2.2 million or 10 cents a share last year. Net revenues rose 5% to $40.2 million from $38.3 million.
Sleeman said the revenue increase was due partially to the addition of Unibroue sales in the quarter as well as increased Sapporo volume and was somewhat offset by the contract brewing loss in Quebec and lower revenues from price discounting in Quebec, Alberta and Ontario.
Chairman and CEO John Sleeman said the company's goal this year is to increase premium beer sales while controlling costs and improving productivity at the company's plants and distribution centres.
"The beer industry in Canada is experiencing major changes, especially in the value category, where small brewers and 'virtual' brewers capitalize on significant tax advantages as a means of competing," said Sleeman.
"In light of current market conditions we are satisfied with the first quarter results and have cause for optimism in the coming quarters. The volume declines and pricing pressures we experienced early in 2005 showed favourable signs as we moved through March. These improved trends combined with new product introductions, industry leading sales and marketing campaigns and strict cost controls will allow Sleeman to meet these and other challenges head on and deliver on our stated goal of growing our normalized earnings per share by at least 10 per cent in 2005."
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