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Monday, May 27, 2024

Virginia ABC Releases Unaudited Financial Results for FY2023

MECHANICSVILLE — The Virginia Alcoholic Beverage Control Authority (ABC) released its unaudited financial results for fiscal year 2023 after the ABC Board of Directors adopted a revised fiscal 2024 budget.

Fiscal Year 2024 Budget

According to the ABC, the board adopted an amended budget on Tuesday that projects profits from retail sales of $244.3 million, a $24.3 million increase over fiscal 2023 results. The adopted budget forecasts a 5.1% growth in revenue while focusing on investing in ABC teammates, maintaining core business systems and continuing to enhance regulatory services to ABC licensees, it added.

“The ABC Board met and unanimously approved a new FY 2024 budget for ABC that will deliver $244.3 million to the general fund of the Commonwealth,” said ABC Chairman Tim Hugo. “This result was thanks to the collaborative efforts of ABC’s executive leadership team working with the Governor’s administration.  This revised budget will strengthen ABC and serve our Commonwealth.”

The board also adopted its five-year forecast that will be used to inform the upcoming biennial budget submission, ABC said, adding as part of that forecast, the authority will continue to focus on growing revenues while controlling costs and enhancing its service to licensees.

Fiscal Year 2023 Results

Fiscal 2023 results show gross revenue of $1.5 billion, up $54.3 million over fiscal 2022 ABC said. ABC revenues include the sale of distilled spirits, Virginia wines and mixers and the collection of license fees and other miscellaneous revenues.

Each year, per the Code of Virginia, Virginia ABC noted it remits earnings to the commonwealth for designated state programs and services. For fiscal 2023, ABC said it contributed a total of $609.7 million, an increase of $2 million over the previous year, excluding a one-time net gain of $15.1 million in fiscal 2022 from the sale of ABC’s old corporate headquarters and warehouse. This reflects $220.6 million in profits from retail sales, $307.7 million in taxes (retail) and $81.4 million collected in wine and beer taxes.

”Virginia ABC continues to focus on its mission of strengthening the commonwealth through public safety, education and revenue from the responsible regulation and sale of alcoholic beverages,” said CEO Travis Hill. “Providing these essential services to all Virginians is only possible thanks to our dedicated workforce and their tireless commitment to service.”

Sales trends

ABC reported overall sales revenue for the authority in fiscal 2023 grew by $54.3 million to $1.472 billion. Total sales volume grew from 6.32 million cases to 6.46 million cases. Throughout the year, sales rose on each day of the week, except for Thursdays.

Sunday sales increased by $3.4 million to $12.3 million, Virginia ABC said, while Saturday led all days with $280.4 million of sales.

Sales to licensees increased by $20.9 million to $250.4 million, it said, indicating the continued strength of Virginia’s hospitality industry. Sales to retail customers also increased by $44.6 million, to $1.18 billion. Online sales totaled $8.8 million.

Virginia ABC said it has transferred over $900 million in profits to the commonwealth in the last four years, exceeding its profit transfer requirement — an amount set in the Commonwealth’s biennial budget that is adopted by the Virginia General Assembly — in each of those years. The authority has contributed $77.6 million above that requirement during that period.

Virginia ABC’s final, audited results will be released in the fall. For more information about ABC’s sales and revenue, visit abc.virginia.gov.

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