Edrington’s Yearly Sales Slowed By Pandemic, Single Malt TariffsJune 30, 2021
For its fiscal year ended March 31, Edrington reported a 15% decline in core revenue to $797.9 million (£576.2m), attributing the decline to the widespread shutdowns due to the Covid-19 pandemic. According to the company, its flagship brand the Macallan suffered due to the lack of travel retail business and the depressed on-premise atmosphere throughout the year. Single malts like Highland Park and the Glenrothes were slowed, too, by challenging category conditions and tariffs.
“In last year’s annual report, I anticipated a decline in profitability after several years of consistent growth as a result of the Coronavirus pandemic and tariffs on single malt Scotch whisky in the USA, our largest market,” said Scott McCroskie, Edrington’s chief executive. “Our reported results confirm that this was indeed the case, although I believe that the relatively modest declines represent a good outcome in the circumstances.”—Shane EnglishSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.
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