The Co-op’s fiscal vital signs are strong, reported General Manager Rick Mausert at the October 3rd board meeting. Store sales for July and August of 2017 came in at +1.8% above budgeted totals for the period. A standard measure of profit in the accounting industry, the Co-op’s EBITDA (short for “earnings before interest, tax, depreciation and amortization”) was healthy and promising.
At the time of the reporting, the Co-op was 40.6% of the way into its projected gross profit, and ordinary expenses were significantly down, putting us at only 36% of the projected budget figures for this point in time. Net income figures were in the black as well. Overall, the business end of our Co-op is showing a steady growth and performing very well against the current year’s budget.
For the first Quarter our overall sales are up at 3.4% vs. last year and 1.4% over the budgeted number. Department sales trends were up across the board, with Bulk at +3.88% above budget, Grocery above budget by 3.62%, Wellness at +3.43% ahead of budget, and Cheese at +2.42% above. Rick also reported that our expense figures were down, particularly in the areas of marketing, weekly worker discounts, holiday time, sick time, and governance expense. When you combine all of these facts, it is clear that we are off to a very solid start in the first quarter of our fiscal year.
Based on last year’s outstanding fiscal performance, we paid a second round of staff bonuses, which means that as of September 14, 2017 a total of $121,000 was paid out in staff bonus monies for the last fiscal year.
The Co-op’s food kiosk at the Empire State Plaza has been up and running since September 26 and is showing a year over year growth of $500 per week.
A staff appreciation gathering and Lunch/Dinner was served on October 13th. A week later, Homegrown Happening was really well attended by both the local community and members of the Co-op.
Because of the great team effort by our staff, we continue to grow at HWFC.