Virginia ABC reports $243 million in profits

The News Virginian
The Virginia Alcoholic Beverage Control Authority had gross revenue of $1.5 billion and $243.4 million in profits in fiscal year 2024, the authority announced Thursday.

Those profits are $4 million greater than the amount that was set in the state's revised biennial budget, according to an ABC news release. The fiscal year ended June 30. 

ABC revenues include the sale of distilled spirits, Virginia wines and mixers and the collection of license fees and other miscellaneous revenues. 

Total sales grew $28.6 million or 2% to a record high of $1.47 billion, although they fell short of the original budget by $44.9 million, according to the release. That is consistent with national trends of declining sprit sales. Sales to retail customers grew to $1.22 billion, while sales to licensees grew to $254.6 million. 

Friday was the top day for sales, at $333.5 million, with Saturday at $310 million in second. Sunday sales grew to $122 million but remained the slowest sales day, according to the release. 

ABC's efforts to control costs throughout the year offset more than $12 million of the lower-than-budgeted store sales, the release states. 

Including taxes collected, Virginia ABC transferred a record $635.7 million to the Commonwealth, and those funds support health and human resources, education, transportation and other needs for Virginia residents. 

The Community Health and Engagement division reached 2.75 million people through education and prevention programs, health communication, capacity building and engagement projects, according to the release. The team trained more than 20,000 people on the safe sales, service and delivery of alcohol; engaged more than 24,000 elementary, middle and high school students with effective substance abuse prevention programs like the Youth Alcohol and Drug Abuse Prevention Project; and partnered with community organizations to label more than 48,000 products with prevention messaging. 

Virginia ABC's final, audited results will be released later along with its top-selling products, categories and stores.