ABC reports almost $1.5B in FY23 revenue
Sales rise $54M over FY22
The Virginia Alcoholic Beverage Control Authority reported $1.47 billion in gross revenues for fiscal year 2023, up $54.3 million over the prior fiscal year, on Wednesday.
The reported revenue is a record for the authority. This is the fifth year that ABC has brought in revenues above $1 billion.
As a division of the state government, Virginia ABC passes its profits — $609.7 million this year — to the commonwealth. The FY23 profits are an increase of $2 million over the previous fiscal year, not counting the authority’s $15.1 million net gain from the sale of its old corporate headquarters and warehouse in FY22. Of the total profits, $220.6 million came from retail sales, $307.7 million from retail taxes and $81.4 million from wine and beer taxes.
“Virginia ABC continues to focus on its mission of strengthening the commonwealth through public safety, education and revenue from the responsible regulation and sale of alcoholic beverages,” ABC CEO Travis Hill said in a statement.
In the past fiscal year, sales rose on each day of the week except for Thursdays, ABC reported, and Sunday sales increased by $3.4 million, to $12.3 million. Saturdays had the most sales, with a total of $280.4 million.
Licensee sales were $250.4 million, up $20.9 million from FY22. Retail sales to customers totaled $1.18 billion, an increase of $44.6 million, and online sales totaled $8.8 million.
The data released Wednesday were unaudited. ABC will release the final, audited numbers in the fall.
ABC also released its revised fiscal year 2024 budget, projecting a 5.1% revenue growth. The ABC Board of Directors projects $244.3 million in retail sales profits.