I am happy to report that in early December of 2005, the Wedge Co-op's retail grocery store reached an important milestone: the percent of sales to members, year-to-date, passed 75%! As of December 31st, it was at 75.3%. The percent of transactions to members as of December 31st was 62.1%. On average, members spend $33.00 per shopping trip while non-members spend only $18.80.
Sales for the first two quarters (July 1, 2005 through December 31, 2005) of this fiscal year were $13,526,120. That is an increase of 10% over the same period last year.
Aside from Sales information, the financial statements for the second quarter (October through December) were not finished in time to make this issue's deadline. Instead, I'll tell you how your Co-op fared in the first quarter, July through September 2005.
Sales for the quarter were $8,156,982, an increase over last year of 17.2%. Our Gross Profit Margin (how much we have left after paying suppliers for the food we sell) was 35.8%. That means we had just less than 36 cents left to pay for everything else, after we paid the suppliers. That everything else was: labor (24.2%), Building (2.4%), Operating (4.5%), Admin (.5%), Governance (1.3%), and Promotions (.9%). Don't let all these "%" signs intimidate you. Imagine that 100% is one dollar. Each one percent (1%) is a penny. Operating Expenses (Telephone, Computers, Repairs, Depreciation) cost us 4 1/2 pennies for each dollar in Sales. For Admin (CPA, Office Supplies, Trade shows) we spent one-half of a penny from each dollar in Sales.
Once everything was paid for, we were left with $335,001 in Net Income After Tax, which is 4.1% of Sales, or four and one-tenth pennies for every dollar in Sales.