Canada: Brick Brewing almost triples Q2 profits

Canada’s Brick Brewing almost tripled its second quarter profits as net sales increased 27 per cent, Waterloo Record reported on September 9.

The Kitchener, Ontario-based brewer said it earned net income of C$1.6 million in the three months ended July 31, up from C$580,000 in the second quarter a year ago.

Net sales increased to C$14 million from C$11 million.

The company said volume of its Laker brand increased 14 per cent compared to the second quarter a year ago, while volume of its Waterloo brand increased 20 per cent.

Laker accounted for 69 per cent of Brick's branded volumes in the second quarter, while Waterloo accounted for 11.2 per cent.

Brick said the launch of LandShark beer in The Beer Store has been "an unprecedented success" and as a result late in the second quarter it expanded distribution to LCBO and grocery stores.

Brick also produces beer under the Red Baron, Red Cap and Formosa brands, Seagram and Margaritaville coolers, President's Choice beer under a packaging agreement with Loblaws, and Mott's Ceasar under a contract with Canada Dry Mott's.

08 September, 2016