Corby Reports Third Quarter Results with Year to Date Revenue of +4% and Net Earnings of +28% and Quarterly Dividend of $0.21 per share

TORONTO, May 13, 2021 /CNW/ - Corby Spirit and Wine Limited ("Corby" or the "Company") (TSX: CSW.A) (TSX: CSW.B) today announced financial results for its fiscal 2021 third quarter ended March 31, 2021.

One year into the pandemic, consumer demand continues to display strong resilience, with dynamic gains in the off-premise channel continuing to offset closures in on-premise and travel retail channels. The pandemic brought forth new opportunities related to at-home consumption occasions and ecommerce.

This quarter delivered value growth with revenue increasing 2% compared to the three month period ended March 31, 2020, leading to solid year to date growth of 4%. Strong domestic performance, led by commission income in particular (+7% year to date) and the acceleration of our international market performance (+13% year to date) contributed to this positive result.

Corby has continued to manage its expenditures and brand investments in a purposeful and cautious way, given government emergency measures and constraints in program execution. As a result, total marketing, sales and administration expenses decreased by 9% in the quarter and by 11% year to date.

Net earnings were $6.2 million for the third quarter, up 20% compared to last year, and up 28% to $24.9 million on a year to date basis.

"Corby's performance continues to show resilience through the pandemic with solid revenue growth and a cautious management and phasing of our expenditures, resulting in exceptional earnings growth. I look with confidence toward the end of the pandemic and the reopening of the hospitality sector, as Canadian's once again meet together to celebrate and socialize. Until such time, we continue to bring great products to market that meet changing consumer needs, such as our award winning Lot No. 40 Dark Oak, J.P.Wiser's Old Fashioned ready to pour cocktail, or Jameson Cold Brew," noted Nicolas Krantz, President and Chief Executive Officer.

The Corby Board of Directors today also declared a dividend of $0.21 per share, in line with its policy to pay at 90% of prior year earnings, which is payable on June 11, 2021 on the Voting Class A Common Shares and Non-Voting Class B Common Shares of the Company to shareholders of record as at the close of business on May 27, 2021.

For further details, please refer to Corby's management's discussion and analysis and interim condensed consolidated financial statements and accompanying notes for the three-and-nine-months ended March 31, 2021, prepared in accordance with International Financial Reporting Standards.

About Corby
Corby Spirit and Wine Limited is a leading Canadian manufacturer, marketer and distributor of spirits and imported wines. Corby's portfolio of owned-brands includes some of the most renowned brands in Canada, including J.P. Wiser's®, Lot 40®, and Pike Creek® Canadian whiskies, Lamb's® rum, Polar Ice® vodka and McGuinness® liqueurs, as well as the Ungava® gin, Cabot Trail® maple-based liqueurs and Chic Choc® spiced rum and Foreign Affair® wines. Through its affiliation with Pernod Ricard S.A., a global leader in the spirits and wine industry, Corby also represents leading international brands such as ABSOLUT® vodka, Chivas Regal®, The Glenlivet® and Ballantine's® Scotch whiskies, Jameson® Irish whiskey, Beefeater® gin, Malibu® rum, Kahlúa® liqueur, Mumm® champagne, and Jacob's Creek®, Wyndham Estate®, Stoneleigh®, Campo Viejo®, and Kenwood® wines. Corby is a publicly traded company based in Toronto, Ontario, and is listed on the Toronto Stock Exchange under the trading symbols CSW.A and CSW.B.  For further information, please visit our website or follow us on LinkedIn.

This press release contains forward-looking statements, including statements concerning possible or assumed future results of Corby's operations. Forward-looking statements typically are preceded by, followed by or include the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions and, as such, actual results or expectations could differ materially from those anticipated in these forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. All financial results are reported in Canadian dollars.

SOURCE Corby Spirit and Wine Limited