SNDL Inc. (NASDAQ:SNDL) Q2 2024 Earnings Conference Call August 2, 2024 10:00 AM ET
Company Participants
Zach George - Chief Executive Officer
Alberto Paredero - Chief Financial Officer
Conference Call Participants
Yewon Kang - Canaccord Genuity
Frederico Gomes - ATB Capital Markets
Operator
Good morning, and welcome to the SNDL's Second Quarter 2024 Financial Results Conference Call. This morning, SNDL issued a press release announcing their financial results for the 2024 second quarter ended on June 30th, 2024. This press release is available on the company's website at sndl.com and filed on EDGAR and SEDAR as well. The webcast replay of the conference call will also be available on the sndl.com website. SNDL has also posted a supplemental investor presentation in addition to the conference call presentation we will be reviewing today on its sndl.com website.
Presenting on this morning's call, we have Zach George, Chief Executive Officer and Alberto Paredero, Chief Financial Officer. Before we start, I would like to remind investors that certain matters discussed in today's conference call or answers that may be given to questions constitute forward-looking statements. Actual results could differ materially from those anticipated. Risk factors that could affect results are detailed in the company's financial reports and other public filings that are made available on SEDAR and EDGAR. Additionally, all financial figures mentioned are in Canadian dollars unless otherwise indicated. We will now make prepared remarks and then will move on analyst questions.
I would now like to turn the call over to Zach George. Please go ahead.
Zach George
Welcome to SNDL's Q2 2024 financial and operational results conference call. We are pleased to see that the second quarter confirms the increased profitability we reported in the first quarter and material progress on our path of continuous improvement. We maintain strong momentum in our Cannabis segments, reporting consistent revenue improvement in cannabis over the last 10 quarters.
While we noticed a slowdown in revenue from our Liquor segment, we still posted greater margins and greater gross profit dollars on a year-over-year basis and we have additional tools at our disposal to battle through this volatility. We are pleased to report an all-time record gross margin of 25.5% with all segments contributing to gross profit and gross margin growth compared to the same quarter of 2023. Our Cannabis operation segment achieved positive gross profit for the second quarter in a row. Operating income also showcased a significant improvement not only on a consolidated basis but also supported by growth in all segments driven by gross margin improvements and strong cost discipline in SG&A management.