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Increased sales and profits pushed Associated Food Stores to the $2 billion milesstone for its 2012 fiscal year – a first for the company.
The Salt Lake City, Utah-based cooperative wholesaler increased total sales by $88.8 million, or 4.6 percent, and members of the cooperative were also able to enjoy an increase in patronage dividends of 30.6 percent from the prior year.
“We are determined to make our retailers more profitable,” said Neal Berube, CEO and president of Associated Food Stores. “We have identified many of the challenges and opportunities we face, and with our board of directors’ support, plans were implemented to help us navigate our way through the economic challenges that our business and country faces. We have seen improvements and will remain diligent in continuing down this path.”
The announcements took place during Associated Food Stores’ FoodShow and Annual Meeting from June 20 to June 22. More than 450 stakeholders were in attendance during the meeting, which is the final event during the week. Associated Food Stores also announced a 54 percent increase of income before the declaration of patronage from 2011.
The FoodShow gave retailers the opportunity to meet with more than 320 local and national vendors and brokers to learn about and sample new products, discuss sales performance and purchase show deals.
The 2012 FoodShow and Annual Meeting is the first since Neal Berube took over leadership of the company. “Although this year has a brought a change in leadership, it has not brought a change in our values,” said Berube. “Our commitment to our owners is to enhance their investment. We are determined to relentlessly find innovative ways to help our retailers be more profitable. Trust, transparency and inclusion can create an environment of accountability, openness and cooperation that will strengthen our system.”
Associated Food Stores is an independent retailer-owned wholesaler that provides complete warehouse facilities and services to nearly 500 grocers throughout the Intermountain West.