BY DEBBIE PAGE
Troutman ABC Board Chair Layton Getsinger presented the second quarter Troutman ABC Store report to the Troutman Town Council on Thursday night.
Speaking on behalf of board members Wes Edmiston and Kim Cavin and general manager Evelyn Coleman, Getsinger announced that the ABC Commission released its end-of-year profit percent to sales report for the 2023-2024 fiscal year last week.
He was pleased to announce that the Troutman ABC Board ranked 12th out of 168 boards with a 13.44 percent profit.
The store is also on track to exceed Getsinger’s sales projections for this fiscal year. Based on sales to date, the projected revenue for fiscal year 2024-2025 year is $3.5 million, which is $400,000 ahead of budget.
With quarterly sales of $1,028,718 compared to last year’s second quarter of $931,062 for an increase of $97,656 (10.5% increase)
Distributions for the second quarter were $14,515 to the Town of Troutman and $3,628.75 to its four designated entities: ESC Park, Troutman Friends of the Library, Parks and Recreation, and the Troutman area schools (divided among Troutman Elementary, Troutman Middle, CATS, and South Iredell High).
Troutman Police Department received $5,534 in the state required law enforcement distribution, and the Drug-Alcohol Coalition of Iredell received $7,748 for the state required alcohol and drug education distribution.
Getsinger said the store had $324,262 in inventory at the end of the second quarter, an increase of $29,684 over last year. This plentiful inventory will allow the store to order less over the next few months as they pull inventory value down.
Getsinger reported that the store’s current retained working capital is $391,739, against a maximum of $642,855, or 56% of the allowed amount by the state ABC Commission.
In the specific capital reserve account for a possible second, the board has saved $327,879.
Getsinger expects the store’s sales to trend down in the typically slower winter months.
Getsinger noted a couple of things that are currently happening that could also impact the consumption of alcohol across the nation. “Dry January” and the recent Surgeon General’s cancer warning associated with alcohol consumption may also affect sales.
“While we are seeing modest increases each month in our sales, by inflationary standards, net results are relatively flat,” said Getsinger. “The board feels waiting until we see a steady upswing in overall sales performance is advisable before proceeding with the second store.”
The store is at full staffing at the moment, but Getsinger does foresee the need for a part-time administrative assistant once the board decides to begin construction on the second store.