Income Statement
In FY2024, the co-op had a pre-tax loss of $857,969, after achieving a pre tax profit of $47,208 in FY2023. Sales declined by $166,240, or 0.4%, from the prior year. This followed two years of positive sales growth for the co-op. A major factor driving this loss was an increase in wages of $813,453. General and administrative expenses were stable, while depreciation and interest increased by a total of $173,654 due to the Franklin remodel and related financing.
Cash Flow
Cash flow for the year was negative $899,207. Two major factors driving this were the loss incurred in the year, and the cash the co-op contributed to the Franklin remodel above and beyond the financing for the project.
Balance Sheet
Our balance sheet overall was a little larger at the end of FY2024 than at the end of FY2023. This was largely due to the acquisition of new assets through the Franklin remodel, and new debt to pay for those assets. The loss incurred in the year pulled retained earnings slightly negative. The current portion of long term debt includes the remaining balance of the Franklin store’s mortgage, which balloons in February, 2025 and will need to be renewed.
The statements have been audited by Mahoney CPAs and Advisors. A complete copy of this audit is available to owners upon request