Associated Wholesale Grocers Inc Reports Record Sales & Earnings for 2013
Jeff Pedersen email@example.com
Associated Wholesale Grocers (AWG), the nation’s second largest cooperative food wholesaler, headquartered in Kansas City, Kansas, reported consolidated net sales of $8.38 billion, up 6.8% over prior year, marking the first time the company has exceeded the eight billion dollar mark. Same store sales were up almost two percent over prior year.
Operating income was a record $201 million, up $25 million from previous year. Income return to retail members was $183 million, up $10 million from prior year. The patronage distribution amounted to 2.81% to qualifying sales, a new record. Total cash distribution returned to shareholders including interest, allowances and patronage was $522 million, up $36 million from prior year.
Goss margins within the cooperative, including cash discounts paid by suppliers, was 5.8%, virtually flat with previous two years. Operating (SG&A) costs were reduced ten basis points to 3.2%. Trading value for class A shares increased 4% to $1770 per share.
Jerry Garland, President and CEO, stated “AWG retailers continue to reap the benefits of our reinvestment of operational savings into lower gross margins and more competitive cost on merchandise. AWG is in the midst of a real growth cycle with almost a million square feet of new retail space under construction.”
In commenting on the results, Garland said, “Our consistent performance is a testament to the co-operative model where everyone has the same opportunity for success, and where transparency in the numbers breeds trust.”
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