2020AnnualReport - Page 9



Financial Report
Fiscal year 2020 (which ended in June 2020) was a
financial roller coaster. In the fall, we opened the
Raleigh store, which added revenue but also added
startup expenses. The January-March quarter was
break even. Then the pandemic hit, shutting down
revenue from food bars and dining, but adding revenue from online shopping. In the end, we finished
the year with a loss. However, we received government funds that covered eight weeks of payroll and
occupancy expense. That gave us a surplus on paper. However, we are not distributing any dividend
because we need to retain that surplus to cover
losses until the pandemic ends.
House revenue in half. We have since recovered some
of that by converting to packaged foods, but Food
House revenue continues to be down almost 40%
compared to a year ago.
The pandemic particularly affects our Food House,
which produces all our prepared foods and bakery
items. Closing the food bars and dining cut Food
Our most important asset is the loyalty of our owner
shoppers. Thank you for shopping. It makes a big difference now more than ever.
Sales growth %
Income Statement
Sales
Food Costs
14%
5%
3%
5%
2017
2018
2019
2020
Surplus %
1.6%
2018
-0.6%
2017
2019
-2.6%
2018
39,086,743
27,739,547
2019
2020
41,122,260
28,464,833
46,916,298
32,415,561
11,347,196
Gross Margin (sales-food costs)
Gross Margin as a % of sales
29.0%
12,657,427
30.8%
14,500,736
30.9%
Expenses
Expenses as a % of sales
13,722,136
33.4%
14,294,911
30.5%
-1,064,709
-2.6%
205,826
0.4%
11,588,665
29.6%
Surplus
Surplus as % of sales
-241,469
-0.6%
Balance Sheet
2018
0.4%
2020
Liabilities and Equity ($ millions)
$7.8 $7.8
$7.3 $7.3
$10.4 $7.0
$10.4 $9.0
2017
2018
2019
2020
Liabilities
We are budgeting a loss in the current fiscal year due
to the pandemic. We are prioritizing safety over revenue, which means keeping our dining and food bars
closed for the foreseeable future. We are also committed to avoiding layoffs or anything that reduces
employee pay. We have enough savings to weather the
storm, but we are watching our finances closely and
looking to reduce expenses wherever we can.
2019
2020
Current Assets
5,031,158
3,638,726
5,011,825
Buildings and Equipment
9,168,799
13,149,763
13,719,102
Other Assets
490,665
564,268
566,478
Total Assets
14,690,622
17,352,757
19,297,405
Current Liabilities
3,059,523
3,583,397
3,993,636
Bank Loans & Mortgages
4,281,935
6,818,043
6,551,289
Total Liabilities
7,341,458
10,401,440
10,544,925
Equity
7,349,164
6,951,317
8,752,480
14,690,622
17,352,757
19,297,405
Total Liabilities/Equity
Equity
-9-





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