Gage Roads reports ‘remarkable’ third quarter sales

New in independent retail: Red Rye IPA

Sales volumes of Gage Roads Brewing’s proprietary products are up 56 per cent on the same time last year, the company announced to the ASX.

For the nine months to March 31, Gage Roads sales were up 184 per cent in independent retail and 275 per cent in draught, the company said on April 30.

“The business has reported a remarkable Q3, lifting sales of our brands by 153 per cent compared to the previous year,” it said.

“The uplift in sales was driven by a 183 per cent increase in sales to the independent retail channel and a 445 per cent increase [in] draught keg sales, which was partially driven by the commencement of keg sales to Optus Stadium during the quarter.

“Pleasingly, we also improved the sales of our brands through the national retail chains, up 58 per cent on the same quarter last year.

“The large inventory balances held by the retailers at the beginning of the year have now normalised and we expect full year sales to the national chains to meet expectations,” Gage Roads said.

Excluding sales to Optus Stadium and other marketing events, draught sales were up 121 per cent on last year.

“We are on track to deliver growth in earnings and margins through the shift in sales mix towards higher margin Gage Roads brands as the management team delivers on year two of our five year strategy,” the brewer said.

Gage Roads revealed it had recently launched its award-winning Red Rye IPA into the independent retail market.

The brewer’s shares rose 11.3 per cent to 7.9 cents off the back of the sales announcement.

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