The company, which supplies the licensed trade from six depots around Scotland, saw pre-tax profits fall to £2.42 million for the year ended March 31, down from £3.04m in 2012.
However the results reflected one-off costs linked to the deal that saw C&C Group, the Dublin-based owner of Glasgow brewer Tennent Caledonian, acquire a 50% stake in the firm in March.
The joint venture occurred too close to Wallaces' year-end to have an impact on last year's results, but it is said to be bearing fruit in the early part of its current financial year.
Brian Calder, who runs Wallaces with fellow director Chris Cosh, with whom he staged management buyout to acquire the company in 2003, insisted the wholesaler had shown resilience in a year that saw turnover drop slightly to £82.6m, compared with last year's £82.7m.
Mr Calder said: "It was a difficult year for the trade, but I think Wallaces Express fared reasonably well in the circumstances. The reduction in profit was basically [down to] one-off costs in relation to our joint venture with C&C, which were captured in that year.
"But the underlying performance of Wallaces Express was actually better than the previous year.
"Apart from these one-off costs, we thought the underlying resilience of the business was very positive."
Mr Calder noted the company was starting to reap the dividends of C&C joint venture, which he said will ultimately bring its customers better service and a more comprehensive product range.
He also said the warm weather seen over the summer had helped Wallaces start its current year on a bright note. Stating that highlighting July's heatwave had instilled a feel-good factor among operators, he said volumes are "considerably up" in the first four months.
This contrasted last summer, when he said the Scottish trade suffered because of poor weather and had failed to see any benefit from Olympic Games in London. Some in the industry had hoped for a custom boost with consumers watching the big events in outlets.
Mr Calder said: "I have been speaking to a few people in the trade only this week about, for example, the Edinburgh Festival. According to them, the numbers are better this year than last year and they put that down to the Olympic-effect, [which] actually [meant] that Scotland lost out because of the Olympics through the summer."
Mr Calder said recent signs of economic improvement had led to confidence levels reaching higher levels in the trade than last year. He also expressed hope that next year's Commonwealth Games in Glasgow will be good for Scotland's tourism and leisure sectors.
Mr Calder added: "Anything that brings customers and tourism to Scotland will benefit the trade and therefore benefit, hopefully, suppliers to the trade. Next year with the Commonwealth Games it is a very big year for Glasgow - I think that can only be good for the Scottish trade in general."
Wallaces Express employed an average of 286 staff in its last financial year, compared with 295 the year previously. Its wage and salary bill came in at £5.7m, in contrast to £5.63m in 2012.
Directors' remuneration totalled £383,727, with the highest paid director receiving £228,465.