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Owning the Co-op, One by One!

Third Quarter Fiscal Year Financials
By: LeAnna Nieratko, General Manager | 2017-05-03

We received the financial statements for the first nine months of the fiscal year (July through March). As always, the complete Profit & Loss Statement and Balance Sheet are available to you as a co-op member-owner. Here is the distilled version, highlighting the year so far:

Jul-Sept 16 Oct-Dec 1 Jan-Mar 17 Total
*Patronage
Roll out
*New GM
Sales 1,312,686 1,252,727 1,265,877 3,831,290
Cost of Goods 739,023 744,154 759,439 2,242,616
Payroll 280,217 273,787 263,596 817,600
Payroll % to sales 21.35% 21.86% 20.82% 21.34%
Discounts 85,591 12,200 9,123 106,914
Sales after discount 1,227,095 1,240,527 1,256,754 3,724,376
Total Expenses 587,651 539,713 505,312 1,632,676
Operational Net Income -13,987 -31,140 1,126 -40,863
Rent Income 14,415 14,415 14,415 43,245
Total Other Income 23,564 23,283 8,799 55,646
Net Income 7,645 -7,857 9,926 13,643

This set of numbers is particularly interesting because it contains a mix of results that are representative of heavily discounted sales (when we still had the 15% monthly promotion, Jul-Sept 16), as well as sales numbers post patronage. I included the breakdown of total discounts to illustrate the difference, though the results from July-March of this fiscal year are still split between the old system and the new patronage system.

We’re seeing some great results with the Co-op operationally positive in net income for the fiscal year so far. In addition to our sales less discounts being higher, we have also worked to incorporate operational efficiencies in order to reduce payroll expense. Continued efforts are being made to control costs and to increase sales in order to deliver a patronage refund at the end of the year.

We still have a lot to learn about which promotions and benefits mean the most to our members, while also watching the bottom line.

Thank you all for your continued support!