The company said net sales for Q3 (ended November 30, 2023) in fiscal 2024 rose 1%. It said Beer net sales increased, driven mainly by shipment volume growth and pricing, while Wine and Spirits net sales declined, driven mainly by a decrease in organic branded shipment volume.

10-QQuarterly reportFiled Jan 5, 2024Period of report Nov 30, 2023Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said net sales for Q3 (ended November 30, 2023) in fiscal 2024 rose 1%. It said Beer net sales increased, driven mainly by shipment volume growth and pricing, while Wine and Spirits net sales declined, driven mainly by a decrease in organic branded shipment volume.
The company cited shipment volume growth of $36.7 million and the pricing impact of $22.6 million as drivers of the increase in Beer gross profit for Q3. These were partially offset by unfavorable product mix of $8.3 million and higher cost of product sold of $2.0 million. The company also said it delivered over $55 million in net cost savings for Q3 through its cost savings initiatives.
The company said interest expense in Q3 rose from $98.7 million to $104.2 million. It cited higher average borrowings of about $480 million and higher weighted average interest rates of about 15 basis points as the reasons. Net income attributable to CBI in the same quarter rose 9%, from $467.7 million to $509.1 million.
The company said net cash used in investing activities for the 9 months ended November 30, 2023 rose 44%, from $646.6 million to $929.9 million, and that capital expenditures added $228.1 million. As of November 30, 2023, total debt was $11,698.5 million, down $762.8 million, or 6%, from February 28, 2023.

Key figures

Quarter ended November 30, 2023

Revenue: $2.5B
Operating income: $797M
Net income: $509M
Gross profit: $1.3B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Quarterly Net Sales Versus Beer and Wine Comparison

The company said net sales for Q3 (ended November 30, 2023) in fiscal 2024 rose 1%. It said Beer net sales increased, driven mainly by shipment volume growth and pricing, while Wine and Spirits net sales declined, driven mainly by a decrease in organic branded shipment volume.

Source · Based on the MD&A text of the filing

Drivers of Beer Segment Gross Profit

The company cited shipment volume growth of $36.7 million and the pricing impact of $22.6 million as drivers of the increase in Beer gross profit for Q3. These were partially offset by unfavorable product mix of $8.3 million and higher cost of product sold of $2.0 million. The company also said it delivered over $55 million in net cost savings for Q3 through its cost savings initiatives.

Source · Based on the MD&A text of the filing

Interest Expense and Net Income for Q3

The company said interest expense in Q3 rose from $98.7 million to $104.2 million. It cited higher average borrowings of about $480 million and higher weighted average interest rates of about 15 basis points as the reasons. Net income attributable to CBI in the same quarter rose 9%, from $467.7 million to $509.1 million.

Source · Based on the MD&A text of the filing

Investing Cash Flow and Total Debt for 9 Months

The company said net cash used in investing activities for the 9 months ended November 30, 2023 rose 44%, from $646.6 million to $929.9 million, and that capital expenditures added $228.1 million. As of November 30, 2023, total debt was $11,698.5 million, down $762.8 million, or 6%, from February 28, 2023.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

Unauthorized scraping, data storage and database creation prohibited

Without prior written consent, you must not crawl or scrape data compiled and organized by Chickstock or its analysis and summaries, or collect them repeatedly or in bulk for storage, ingestion or database creation. Repurposing, redistribution, sale and use to build other services are also prohibited.

Unauthorized use may result in access restrictions, demands to stop infringement and delete copies, and claims for damages. Violations of applicable law may also give rise to criminal liability.

Uses permitted by law, the Terms of Service or a separate agreement remain subject to their respective scope. Rights in individual source materials, including original filings, remain with their respective rights holders.