RTDs lift Corby to ‘record’ 22% rise in Q3
Corby Spirit and Wine posted 22% organic revenue growth in the third quarter (Q3) of its fiscal year 2026, totalling CA$58.3 million (US$42.4m) for the three months ended 31 March 2026.
For the first nine months of its 2026 financial year, revenue for the Canadian affiliate of Pernod Ricard totalled CA$200.6m (US$145.9m).
Corby Spirit and Wine is majority-owned by Pernod Ricard and is Canada’s second-largest marketer and distributor of spirits and wines.
The division’s president and chief executive officer, Florence Tresarrieu, said in Q3 “revenue grew at a strong pace, driven by the expansion of our ready-to-drink (RTD) portfolio” and from “LCBO [Liquor Control Board of Ontario] order phasing in Q3”.
“Disciplined cost management and strong commercial execution supported even stronger earnings growth,” she added.
Corby’s domestic case goods revenue in Q3 hit CA$48.2m (US$35m), which marked a 35% year-on-year increase.
The company attributed this to the strength of its RTD business across western Canada and Ontario, as well as route-to-market modernisation and LCBO mark-up changes.
Its RTD portfolio grew by 22% in value in Q3, compared with 10% growth for the overall RTD category in Canada.
Corby noted it was ‘significantly outperforming category trends’ and its RTD growth was being driven by ‘evolving consumer preferences and expanded distribution in Ontario’.
Its total spirits portfolio in Q3 outperformed Canada’s spirits market in value for the 14th year in a row.
The company said it maintained ‘stable retail sales value’, despite the overall spirits category in Canada declining by 4.2% year on year, with the market affected by structural changes in Ontario’s alcohol landscape.
Exports struggle
Corby noted it continued to benefit from the removal of US-made products from retail shelves in key Canadian provinces, which has resulted in market share gains in spirits despite an overall declining Canadian spirits market.
US spirits exports to Canada have nosedived by 70% since American spirits were removed from most provinces last March.
Corby’s export case goods sales, however, fell by 20% to CA$3.3m (US$2.4m) in Q3.
The company put the result down to ‘unfavourable shipment phasing following a strong first half of the fiscal year’ and overstocking the year before in anticipation of US tariffs.
For the 12 months ended 31 March, Corby’s spirits portfolio grew by 3.1% in value against an overall spirits market that declined by 3.6%.
Corby’s RTD portfolio grew by 32% year on year, ‘significantly outperforming’ the market.
Tresarrieu anticipates that Q4 will be “significantly softer” due to normalising LCBO ordering patterns and a persisting spirits market decline.
“Despite this, we remain on track to deliver high single-digit revenue growth for FY2026, reaching a record revenue level for the company,” she continued. “Despite a volatile industry backdrop, our team has demonstrated resilience and agility, enabling us to capture incremental market share across both spirits and RTDs. This reflects the strength of our strategy, portfolio, and partnerships.”
During the first half of its fiscal 2026 year, Corby reported an organic revenue rise of 13%.
In February, the company launched a whisky and ginger RTD for JP Wiser’s, pre-mixed with Canada Dry.
In recent years, Corby added Nude and Cottage Springs to its RTD portfolio, as the category has become a focal point of its strategy.
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