North Coast Co-op closed Fiscal Quarter 4 2019 (FY19) on March 30, 2019. Combined sales in the fourth quarter for the Arcata and Eureka stores were $8,754,622, bringing year-to-date net sales to $34,562,509.
Year to Year: Fourth quarter FY19 sales were up $715,891, an 8.9% increase, compared to the fourth quarter of Fiscal Year 2018 (FY18) and Cost of Goods Sold were relatively lower (61.4% compared to 62.9%), resulting in a significantly higher gross margin ($3,377,738 compared to $2,982,106) but it must be noted that the fourth quarter of FY19 was a 14 week quarter, compared to 13 weeks for the final quarter of FY18.
Both Payroll & Benefits and Occupancy Expenses were lower in the fourth quarter FY19 compared to FY18, due to the ongoing personnel reductions/attrition and moving out of the Ten Pin Building, so the Total
Operating Expenses were slightly less than gross margin, and the result was a Net Income Gain of $29,971 for the fourth quarter of FY19, bringing year-to-date net income to a negative <$551,779> or <1.6%>. The Co-op’s assets were less at the end of fourth quarter FY19 compared to FY18 by $983,052, primarily due to less cash-on-hand and lower inventory.
Quarter to Quarter: Fourth quarter sales increased from third quarter FY19 by $160,788 (+1.9%), and with lower Cost of Goods Sold, the Co-op showed a net income profit of $29,971. Current Owner Shares increased to $4,109,470 at the end of fourth quarter 2019, an increase of $78,927 over third quarter 2019.
|The Co-op recently raised the Dividend Rate on C-Share investments from 2.00% to 2.65% and we are seeing members increase their investment in the Co-op. Please call our Membership Coordinator at 707-443-6027 ext. 434 if you are interested in becoming more invested in the Co-op.|