AG New England Ends FY 2011 with Record-breaking Sales
Pembroke, N.H.-based Associated Grocers of New England ended its fiscal year with record-breaking sales of $458 million, representing a $76 million increase over the prior year. The increases were due in part to a large number of stores that had been formerly supplied by AG of Maine, as well as increased sales in many stores overall.
Mike Bourgoine, AG New England president and CEO, reported the sales increase at the regional cooperative’s 66th annual meeting held in June at the company’s headquarters. He also noted that returns to coop members increased almost $1 million over the prior year to $5,783,345.
The theme of this year’s meeting was a celebration of The International Year of Cooperatives, as declared by the United Nations. There are 29,000 cooperatives in the United States alone. Cooperatives generated 2 million jobs and contribute substantially to the economy, with annual sales of $652 billion and assets of $3 trillion.
AG New England currently supplies more than 600 independent stores across the six New England states and into the upstate New York/Albany area. There are over 300 member retailers who own the company as members of the cooperative.
Those unable to attend this year’s annual meeting were able to view the various presentations via live video streaming. Included in the presentations was a showing of AG New England's new television ad campaign, which promotes independent retailers and the role they play in local communities.