Financial Report

By Elka Malkis, Financial Manager

The numbers are in for the 3rd quarter (January—March), and our Sales were $9,567,084. This is a 6% decrease from the previous year. Sales were down 2.5% at the store partly due to our customer count being down slightly (2%), which may in turn be due to colder weather these 3 months than last year. Sales were also down at the Warehouse, which is the result of lower wholesale prices in produce. The silver lining in that is, of course, that produce prices at the store level are quite a bit lower than they were last year.

Our Cost of Goods this quarter was 64.5% of Sales, a small decrease compared to last year. Our Cost of Goods is the amount we pay to suppliers for our products. Our next largest expense is always Payroll (wages, benefits, taxes), and that added up to 23% of Sales this quarter. After paying our suppliers and staff, we have 12.5 cents left to pay all other costs.

Our Building expenses are low and cover repairs and maintenance on the building, utilities, property tax, and trash. This quarter they were 2.5% of Sales, and were all of $7.00 lower than last year.

Operating expenses were 4.8%. This includes telephone, equipment repairs, credit card fees, and supplies. This category was also practically unchanged from last year; we spent only $1,643 more.

Admin, Governance, and Promotions came to 2.9% of Sales. We show member discounts here, the newsletter, CPA and Legal fees, advertising, and office supplies.

We paid $84,000 in estimated taxes, which was .9% of Sales.

Even though our Sales were down from the previous year, we still showed 4.3% profit. Our Year-to-Date profit is just over $1,000,000. Even though this is down 25% from where we were last year, it is a great number and I look forward to sending everyone their Patronage Refunds this coming fall.