Record-setting year for Virginia ABC

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RICHMOND, Va. (CBS19 NEWS) -- The Virginia Alcoholic Beverage Control Authority says it had another record-setting year.

For fiscal year 2019, the ABC brought in more than $1 billion in revenue, up nearly $72 million over fiscal year 2018.

These revenues include the sale of distilled spirits, license fees and other miscellaneous revenues from across the Commonwealth.

"ABC's revenue growth is primarily the result of adding stores around the state to improve customer convenience, a robust series of targeted seasonal promotional campaigns and changing consumer trends," said CEO Travis Hill. "We opened seven new stores in the last fiscal year, which provided greater accessibility for customers and increased sales. Customers aren't necessarily drinking more; they're buying more premium products that have a higher per bottle price tag. Additionally, they're choosing distilled spirits over other products."

Under Virginia code, the ABC disperses its earnings back to the Commonwealth.

For fiscal year 2019, it disbursed a total of $499.5 million, up $34.8 million over the previous year.

The money came from $196.7 million in sales, $223 million in retail taxes, and $79.8 million in taxes on wine and beer.

In fiscal year 2019, retail sales went up by 7.1 percent while licensee sales, or sale to restaurants, increased by 6.3 percent.

The seven new ABC stores generated nearly $8 million in sales, and the state authority also oversaw the remodeling of eight stores and four stores relocating to improved market areas.

ABC says Sunday sales also continue to play a role in the increase in revenue, going up by 7.4 percent to $79 million for the fiscal year.



 
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