Hanover Co-op to issue member rebate

Valley News Staff Writer
Published: 3/15/2019 5:02:12 PM
Modified: 3/15/2019 5:02:23 PM

It won’t be much — likely amounting to a few bucks per member — but the Hanover Co-op will pay out its first “patronage refund” since 2014.

The Hanover Consumer Cooperative Society, which operates the four Co-op stores and two auto service centers in the core towns of the Upper Valley, reported it squeaked out an after-tax profit of $27,900 in 2018 on revenues of $74.6 million, the Co-op said in a news release.

The Co-op said it posted pre-tax income of $240,300, of which $108,200 will be refunded and distributed among the society’s approximately 23,000 members.

The 2018 results compare to an after-tax profit of $172,000 and revenues of $72 million in the preceding year. The after-tax profit that year had been boosted by a deferred tax benefit.

Co-op officials plan to discuss the financial results at the annual meeting on April 6.

 

 




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