Financial Report

For Fiscal Year End June 30, 2008

By Elka Malkis

Income Statements

Sales last year were over 39.4 million dollars, an increase of 5.3% over last year. Store sales were $29,613,433, Warehouse sales were $9,755,642, and sales at our on-line store were $53,782.

At the store, we averaged 2,636 customers per day, a 3% increase over last year, and the average transaction was $30.80, an increase of 3.4% over last year.

As a percent of Sales, our blended Gross Profit Margin went up, from 36.1% to 36.6%.

We paid just over 6 million in wages. We employ 260 people, with 215 of those at full-time and 45 part-time. Benefits and taxes came to an additional 2.8 million, of which $751,000 was spent on health, dental, and disability insurance. All together we spent 22.3% of sales on labor related expenses.

All the other general and administrative expenses totaled just over 4 million. We spent $51,000 for trash disposal, $196,000 for utilities, $410,000 in member discounts, $341,000 in credit and debit card processing fees, $112,000 to print and mail the newsletter and $123,000 for property taxes. We earned $226,000 in interest and booked Other Income of $385,000 most of which is service and delivery fees at the warehouse, Patronage Refunds from other co-ops, and an increase in NCGA (National Co-op Grocers Association) Equity.

Our total Patronage Refund this year is $1,315,206, which will be distributed, in proportion to their purchases, to everyone who was a member in fiscal year 2008. Of the total refund, 60% will be returned as cash and 40% will be retained by the Co-op.

We paid $390,394 in State and Federal Income Taxes. Our Net Income for the year, after we pay taxes and patronage refund, is $487,286.