The thirst for wine in the corona era sounded like a coin in the coffers of one of the country’s richest.
Sales at Vinmonopolet have increased sharply during the Covid-19 pandemic – due to restrictions on travel and nightlife. One who benefits from this is Stein Erik Hagen. His company Canica owns 44 percent of the wine producer Arcus – which is a major supplier, especially of cardboard wine to Norwegian customers.
Also read: The state is pushing for a closed Swedish border: Beer sales through the roof
On Tuesday, Arcus presented its quarterly figures, and the company can report the best quarter ever, measured in both sales and operating profit.
– There have been some challenges in securing deliveries and raw materials, but some late deliveries have had a limited effect, writes CEO Kenneth Hamnes in the report.
Also read: Huge increase in cardboard wine sales during the corona crisis
Arcus’ wine sales in Norway increased by 53 per cent compared with the same quarter in 2019. Profit for the group (adjusted EBITDA) increased from NOK 83 to 119 million, while turnover in the entire group increased from NOK 698 to 767 million.
Arcus explains increased wine sales with increased sales of carton wine as well as price increases in the Nordic monopolies, which resulted in an increased gross margin despite negative currency effects.
The closures affected sales in particular in Finland and Norway, but not as significantly in Sweden, because the restrictions there have been less extensive, the company reports in the quarterly report. Arcus is the largest wine importer in Norway and the second largest in Sweden.
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