The Virginia Alcoholic Beverage Control Authority has reported annual revenue of more than $1 billion, up $71.8 million over the previous year.
The numbers include sales of alcohol, license fees and other revenue, according to a news release, and are for the fiscal year that runs from July 1, 2018, to June 30, 2019.
CEO Travis Hill attributed the increase to new stores, seasonal promotions and consumer trends.
“We opened seven new stores in the last fiscal year, which provided greater accessibility for customers and increased sales," he said. "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.”
Virginia ABC disburses earnings back to the state. For fiscal year 2019, ABC disbursed a total of $499.5 million, an increase of $34.8 million over the previous year.
During fiscal year 2019, retail sales grew 7.1% and sales to restaurants climbed 6.3%.
“Our 4,000 full and part-time employees are our most valuable asset,” said Hill. “From the local ABC store associates who share their knowledge of distilled spirits to help you find the perfect gift for a bourbon-loving friend, to the hard-working warehouse employees who accurately pick and ship millions of cases of product each year, Virginia ABC was able to reach this $1 billion milestone. It’s because of these dedicated employees that we are able to serve as a dependable and consistently growing source of revenue for the commonwealth.”
According to sales, the top five brands purchased in Virginia ABC stores were:
1. Tito’s Handmade – domestic vodka
2. Hennessy VS – cognac/armagnac
3. Jack Daniel’s 7 Black – Tennessee whiskey
4. Jim Beam – straight bourbon
5. Fireball Cinnamon – imported cordial