The Pennsylvania Liquor Control Board (PLCB) released Wednesday unaudited financial results for fiscal year 2017-18 that show record retail sales and net income.
Sales totaled $2.59 billion including liquor and sales taxes, according to the report. This is a $67.8 million or 2.7 percent increase compared to the prior year and previous sales record. The PLCB has seen year-over-year sales growth every year for at least the past two decades.
Net income totaled $158.2 million, which is $53.4 million or 50.9 percent higher than the prior fiscal year.
This increase is primarily the result of gross margin improvement, higher revenues from expired license auctions and a statewide credit to retiree medical expense related to settlement with a health insurer.
The PLCB achieved nine-tenths of a point growth in margin, or profitability, from 30.9 percent in fiscal year 2016-17 to 31.8 percent in 2017-18.
The PLCB also authorized $1.8 million in grants last fiscal year to support Pennsylvania’s beer and wine industries and awarded $1.2 million in alcohol education grants to reduce underage and dangerous drinking.
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