SNDL Q2 Revenue Drops 1.6% YoY Due To Liquor Segment, Cannabis Operations Still Strong, Gross Margin Hits All-Time Record
Cannabis company SNDL Inc. (NASDAQ:SNDL) reported its financial and operational results Thursday for the second quarter ended June 30, 2024, reporting revenue of CA$228.1 million ($164.35 million), down by 1.6% from CA$231.9 million in the second quarter of 2023.
Year-over-year quarterly decrease was driven by market softness in the liquor retail segment, noted the Alberta-based company, while cannabis retail and operations had strong growth. Sequentially, net revenue grew 15.4%.
“The second quarter of 2024 confirms our progress and path to profitability, including an all-time record gross margin of 25.5%”, stated Zach George, CEO of SNDL. “As we continue making progress on our long-term strategic plan, we are gaining sharper focus on key priorities, allowing us to effectively deploy capital to support organic and inorganic growth. This sharper focus, and our continuous pursuit of greater efficiency, led to the recent announcement of a restructuring project that is expected to deliver over CA$20 million of annualized savings, some of which are starting to materialize in the third quarter of 2024. Our unique investment portfolio gives us additional optionality to close on U.S. assets currently under restructuring and become …