Troutman ABC store turns in another stellar quarter
BY DEBBIE PAGE
At the Troutman ABC Board’s regular meeting last week, Chairman Layton Getsinger announced continued growth and gains for the 1st quarter of this fiscal year.
The store had gross sales of $380,277, which represented a 20 percent increase over first quarter sales of last year. The gross profit ($92,881), minus operating expenses ($64,922.92), gave the store a first quarter profit of $27,958, a 101 percent ($13,423) increase over the first quarter of last year.
September sales of $128,551 were up 23.1 percent over the same month last year. October is projected to reach around $120,000 in sales.
Getsinger was pleased with the success that the store continues to have. He said the week before Hurricane Florence provided a real boost in sales as people prepared for the storm.
“We are continuing to see growth in fairly significant quantities over what we had last year over the months we were open the previous to that. It’s kind of interesting how our growth is continuing to go,” said Getsinger.
“I don’t know what to attribute all that to,” he continued. “I know that everybody knows that we are here now, so it’s not that people are just learning that we are here. I think a lot of it could be traffic and people that didn’t know we were here last year and have places at the lake and stop in as they come into town, but I’m sure there are other factors as well.”
After reviewing the store’s numbers, board members Ron Wyatt and Wes Edmiston voted with Getsinger to distribute $849.27 for its quarterly law enforcement contribution and $1,188.98 to Drug-Alcohol Coalition of Iredell for alcohol education.
The board also voted unanimously, with the Town Council’s blessing, to continue to put the store’s $10,972.97 quarterly profit toward attaining its new working capital goal of $355,203 instead of making a distribution to the town and its chosen entities to ensure the store remains financially solid.
The working capital fund maximum is calculated by multiplying the store’s average monthly sales for the previous year by four. The fund stood at $224,949 at the end of September, but Getsinger hopes it will be only about $40,000 below the board’s goal by the end of the year. The board has added just over $31,000 to working capital since July 1.
Getting the working capital fund at maximum allowed by the ABC Commission is important since the store may have to expand its storage room capacity in the near future. Staff is struggling to house its continually increasing inventory needs to meet sales demands.
Since the store only gets deliveries twice a month, the store must have space to provide two weeks of inventory replenishment at all times.
Using working capital fund savings for any future expansion will keep the board from having to access the store’s line of credit and incurring additional interest charges.
With $130,800 in current inventory in the store, General Manager Evelyn Walls also ordered an additional $20,709 in special Christmas packages for holiday gift-giving, which will arrive soon.
Getsinger also reported that the board had paid off $26,000 against the store’s building loan principal thus far, bringing the building loan balance to just under $600,000.