Financials | June 2016
New CFO Steps into Net Profit for Quarter 4
Having been born and raised in Humboldt County I am happy to finally be returning home after 33 years in Santa Rosa, California. I have spent over 30 years of my career in finance management and look forward to bringing a fresh perspective to North Coast Co-op. While I spend my work day immersed in numbers, I enjoy spending my free time with family and contributing a positive difference to my community.
Having just stepped into my new role at the Co-op as Chief Financial Officer in mid-May, I am thrilled to see that the fourth quarter of fiscal year 2016 (April 2015-March 2016) ended strong with sales of $8,504,557. The Arcata store sales were 4.2% above last year’s and exceeded the budget projection for the quarter by 6.4%. The Eureka store sales exceeded last year’s by 2.0% and on track with expenses over budget by only .3%. In summary, our combined quarterly store sales are higher than we projected by $510,819 and expense is $196,000 higher than budgeted due to the cost of increased sales, which resulted in quarterly net profits of $85,175 (in comparison to last year’s fourth quarter net loss of $515,482).
Our year-end audit has not yet been completed. Look for year-end results with the Annual Report this fall. We’ve had an incredible year exceeding financial expectations. I look forward to the coming year at North Coast Co-op and serving you.
I hope to meet you at the Annual Membership Meeting on October 22. I hear it’s a great event with exceptional food.
This article was originally published in the June 2016 Co-op News
