Rocky Mountain Liquor Reports Increased Annual Net Comprehensive Income for 2023

Rocky Mountain Liquor Inc. (TSXV:RUM), a company listed on the TSX Venture Exchange, disclosed its annual financial results showing a rise in net comprehensive income for the year ending December 31, 2023.

The company's annual net income increased from $277,529 in 2022 to $463,062 in 2023, marking a significant uplift attributed to improved gross margins and strategic operational efforts. Despite a 4.0% drop in sales compared to the previous year, gross margins grew from 21.9% to 23.0%, showing strong operational resilience.

Rocky Mountain also demonstrated substantial financial prudence by reducing its operating facility and bank loan debt by 35%, lowering it to $2,011,684. The company's ability to decrease bank debt amidst rising interest rates, from 6.45% to 7.2%, underscores its strong financial management.

Furthermore, the company continues to expand its Great Canadian Liquor ("GCL") brand, enhancing product variety and affordability across its 19 branded stores. This strategy ensures consumer relevance and competitive strength in diverse market conditions.

The firm has advanced its technology by planning to implement a new point-of-sale system in 2024 to further improve customer service and operational efficiency. Additionally, the closing of an underperforming store post-2023 highlights the company's ongoing efforts to optimize its store footprint.