Virginia ABC sets sales record despite falling short of budget projection

The Virginia Alcoholic Beverage Control Authority announced a record-breaking $1.47 billion in sales for fiscal year 2024, despite falling short of its budgeted target by $44.9 million. The results, released after the ABC Board of Directors approved the budget for FY 2025, show a 2% increase in total sales compared to the previous year.

While sales fell short of the initial budget projection, the ABC reported a profit of $243.4 million, exceeding the commonwealth's revised biennial budget by $4 million. This profit, generated from sales of distilled spirits, Virginia wines, mixers, and license fees, will contribute to funding health, human resources, education, transportation, and other services for Virginians. Including tax revenue, Virginia ABC transferred a record $635.7 million to the state.

“These results speak volumes on Virginia ABC’s commitment to operate efficiently and control costs while still putting our customers, suppliers and the Commonwealth first,” said ABC Chief Executive Officer Dale Farino. He emphasized the organization's focus on exceeding budgeted revenue in FY 2025 to further increase its contribution to the Commonwealth.

Despite a decline in national spirit sales, Virginia ABC saw growth in both retail and licensee sales, reaching $1.22 billion and $254.6 million respectively. Fridays and Saturdays were the top sales days, generating $333.5 million and $310 million respectively, while Sunday sales, though slower, reached $122 million.

The ABC attributed its success in part to its cost-control measures, which offset more than $12 million in lower-than-budgeted store sales. The organization also used its Community Health and Engagement division to reach 2.75 million people with prevention and education programs.

Virginia ABC will release its final audited results later this year.