AWG Reports Record Sales and Earnings
Associated Wholesale Grocers reported record net sales of $7.25 billion on a consolidated basis for its most recent fiscal year, and distributed a record $151.6 million in year-end patronage at its annual shareholders meeting Sunday.
AWG’s sales represented a $196 million increase, or 3 percent, over the previous year. AWG’s year-end patronage rebate amounted to 2.64 percent of qualifying warehouse sales, also another record for the cooperative. In total, including allowances, AWG rebated $496 million to its members in 2010, up $48.7 million, or 7.8 percent of sales, while internal gross margins remained even, compared to prior year.
The company also announced a 4 percent increase in the trading value for AWG stock, to $1,570 per share. In addition, AWG’s private brands, Best Choice and Always Save, reached a milestone, achieving sales of $1 billion in 2010.
“We are pleased with this year’s financial results,” said Jerry Garland, AWG president and CEO of AWG. “Our marketing direction stressed value and, as a result, AWG Brands, Best Choice and Always Save had a record-breaking year.”
Also Sunday, the following AWG directors were re-elected to three year terms: Jim Brown, Doc’s Food Stores; William Emmons, Albertson’s LLC; Jay Lawrence, Lawrence Brothers; Alan McKeever, McKeever’s Inc.; James Neumann, Valu Market Inc.; Barry Queen, Queen’s Enterprises; and Jeff Reasor, Reasor’s Inc.
Kansas City, Kansas-based Associated Wholesale Grocers is the second-largest retailer-owned wholesale cooperative in the country, supplying more than 580 members and operating more than 2,700 retail outlets in 23 states.