BY DEBBIE PAGE

Troutman ABC Board Chair Layton Getsinger reported another record-breaking year for the Troutman ABC Store during last week’s town council meeting.

Getsinger said budgeted revenue for 2023-2024 was $3,007,000, with actual sales reaching $3,331,412, an increase of 3.9 percent. Actual sales for 2022-2023 were $3,207,665.

The store’s profit for 2023-2024 was $289,803.

Annual distributions for the fiscal year totaled $133,407, with the town receiving $46,887.50 and its designated entities ESC Park, Troutman Parks and Recreation, the J. Hoyt Hayes Memorial Troutman Library, and four Troutman Iredell-Statesville Schools (Troutman Elementary and Troutman Middle, the Career Academy and Technical School, and South Iredell High) receiving $9,377.50 each.

The Drug-Alcohol Coalition of Iredell also received $23,119 this year, with the Troutman Police Department receiving $16,513.

At the end of the fiscal year, the store had working capital of $333,168 (against an ABC Commission maximum amount allowed of $618,948), or 54 percent of allowed capital retention. The current Special Capital Project Fund balance is $306,183.

Both of these funds will be used to pay for the construction of a second store.

FOURTH QUARTER PERFORMANCE

Getsinger said the store experienced a 14.6 percent increase in sales over last year’s fourth quarter, with sales reaching $855,846 this year, compared to $746,723 in 2022-2023.

Sales in April were $264,287 (up 4.8 percent over last April), $311,538 in May (up 13 percent), and $280,020 in June (down 5.5 percent). Getsinger said June had one less sales day, which explains part of the dip.

Fourth quarter profit was $83,443, an increase of $12,312 (17 percent), over last year’s $71,131 profit.

STORE HISTORY

Getsinger also shared some information about the store’s performance since opening in December of 2016.

“Since opening we have experienced $17,981,637 in net sales, with distributions since opening in December 2016 including $425,826 to the Town of Troutman and its designated entities, $97,887 to alcohol education/rehab and $69,919 to law enforcement, for a total of $593,632 in distributions.”

“We have had a net profit of $1,330,421 after distributions since opening, or 7 percent of sales.”

PROPOSED SECOND LOCATION

At its July ABC Board meeting, Getsinger said plans are underway for a second store located near the Highway 21 intersection with the southern end of Flower House Loop, but the board has no definite time frame because of high interest rates and construction costs and concerns about a slowing economy.

Though June’s sales were down, the store’s July sales have bounced back, with Getsinger conservatively projecting $290,000 in sales.

Getsinger said all the store’s profits over the years have gone to pay off the loan for the store building, to build the subsequent warehouse expansion, and to save for a second location.

The board is currently working with C2C, a commercial development company planning to build a shopping center on its property at the corner of Flower House Loop, to create a reciprocal easement agreement.The board is also working on water and sewer sourcing issues.

In preparation, Getsinger also has written a Request for Qualifications (RFQ) to solicit bids for construction of the store, which was approved by the board.

Once the board makes the decision to move forward, final steps will include selecting a Design – Build contractor, choosing a building design, gaining approval of Design Review Board, and determining a financing source and selecting the most efficient financing option.