Troutman ABC Store eclipses $1.2 million in first-year sales
BY DEBBIE PAGE
When Troutman’s ABC store opened on December 1, 2016, ABC Board Chair Layton Getsinger projected the store would be profitable by the end of its fifth year of operation.
Sales were expected to reach a little over $800,000 in its first full year. Instead, the store recorded a much stronger $1,240,922.55 in net sales, averaging slightly over $100,000 in liquor sales per month.
After paying operating expenses, loan payments, inventory, and start-up costs, the store ended the year with a net income of $50,935.
Getsinger credited the hardworking board members, who volunteer many hours in the store, and excellent staff members who emphasize customer service and a pleasant shopping experience for the store’s success.
Getsinger also announced the store’s second biggest sales day ever was the day before Thanksgiving, with registers taking in just over $14,112. The record was $14,700 on December 23 of last year.
December sales have so far averaged $5,000 per day, with $135,000 in inventory currently on hand and another shipment coming in next week to keep up with expected strong demand for holiday favorites and popular Christmas gift packages.
The board set a goal of having $150,000 in store inventory to keep a wide variety of liquor and mixer brands and sizes to cater to customers’ tastes, especially in the busy weeks leading up to New Year’s Eve.
The board is currently working on the store’s next step, to build its working capital, which is a calculation of its checking account balance, inventory, and building equity minus the store’s financial liabilities (i.e. building loan, operating costs).
At the end of November, the board had amassed $158,693.68 of its nearly $183,000 current target, which is formulated under ABC Commission rules and creates a solid financial foundation for the store. With a strong December, Getsinger hopes to soon reach the board’s working capital goal.
With its continuing success, Getsinger hopes that the store will begin profit distributions to the town, designated schools and police department in the coming year, much sooner than the original business plan projections that had distributions starting in the fifth year of operation.
“We are bound by the state with the working capital guide that we have to adhere to,” said board member Jeff Hall, “but it is absolutely our intentions to return money to the Town of Troutman as soon as we possibly can.”
Getsinger also hopes that with Troutman’s growth, more liquor by the drink sales will help continue to boost the store’s growth and sales in the future.