Bottom Line: Hanover Co-op sales surge in pandemic, but expenses were way up, too
Modified: 5/15/2021 11:01:37 PM
The Hanover Co-op had a banner year in 2020, with sales jumping 11% to a record $85.4 million. And the bottom line swung to a profit of $1.8 million, the fattest the Co-op has recorded in its 85-year history.
But, despite the stellar results, the Co-op’s “patrons” won’t be seeing a refund check in the mail, which, with the exception of a modest check last year, has become more the norm in recent years.
What happened?
Roaring sales driven by people dining at home during the COVID-19 pandemic were accompanied by an even more roaring increase in wholesale costs and higher payroll expenses to handle the workload, as detailed in the 2020 financial report presented at the Co-op annual meeting last month.
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