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!