Business is booming at Troutman ABC Store
BY DEBBIE PAGE
The Troutman ABC store continues to beat sales projections as it heads into the even busier spring and summer months.
Board Chairman Layton Getsinger announced at Wednesday’s ABC Board meeting that March sales were $97,114.18, beating February sales by nearly $17,000. The store’s sales are just under $400,000 since its Dec. 1 opening.
This financial success comes with a lot of effort and hours from board members, who volunteer many hours to keep labor costs down and boost the financial picture. The monthly profit and loss statement does not reflect these cost avoidance measures implemented by the board.
This cost savings does improve the store’s bottom line since labor costs are one of the few variables in an ABC store. The board’s volunteer hours hold down operational costs to slow demands on cash, according to Getsinger.
While it will at times show a profit, the monthly profit and loss statement does not necessarily reflect demands on cash during the same period. Large lump sum payments are occasionally made during a month to pay items such as late construction invoices, service contracts, maintenance agreements, and insurance premiums, said Getsinger.
Most of these items are expensed over either a 12 month period or as part of capital depreciation and do not show up in the monthly financial statement as the full amount, explained Getsinger, which can create a false sense of prosperity.
The full invoice amount is usually reflected in the cash flow statement that shows the business' current cash position, added Getsinger.
The Troutman ABC store is performing much better than Getsinger projected prior to opening. “When the original business plan was created, it was predicted that it would be three years before the store actually begins making money. This has historically been the case for new ABC Boards, data that is further supported by the store’s CPA. However, the Troutman ABC Board believes, based on its current pace, that it will most likely become profitable by the end of year two.”
Based on business to date, the board is ecstatic about its current financial position vis-à-vis the projected position prior to store opening.
OPEN OVER HOLIDAY
The store just received a $22,000 delivery, bringing its current inventory up to just over $97,000 worth of liquor and assorted peripheral products. Unlike the Statesville stores, the Troutman location will be open all regular business days through the Easter weekend, so store manager Evelyn Walls stocked up for an expected busy weekend.
Board member Steve Cash announced that parking lot repairs may begin as soon next week. Some areas of pavement did not properly set in the cold of December, so the construction company is rectifying the problem.
Board members also plan to improve the walking path on the Walgreens side by further smoothing out the grading, adding a sand foundation, and placing larger stones in the next few weeks.
Several areas of grass are washing out, so Cash is also investigating using a natural area to catch and spread rainwater to avoid further washing.
Additionally, the board is investigating options to reduce the amount of sunlight streaming through the front windows, which heats up the store and makes the cashiers uncomfortable. They also want to protect the products from any excessive light.
They are particularly considering adding some degree of tinting to the windows, which would still allow visibility while solving the heat and light issues.
Getsinger also presented BB&T CEO Kelly King’s response to the board’s March letter, which praised Statesville main office employees Mike Nowell and Nicole Baxley for their “nimble and responsive” service, “can-do spirit,” and “quality customer care” during the stressful nine-month creation and construction of the Troutman ABC store.