Reduced expenses and increased sales netted the Willy Street Co-op a $300,000 profit in its fiscal year 2016, a sharp turnaround from losses of $317,000 the year prior, according to the Wisconsin State Journal.
In the 2015 fiscal year the co-op posted sales of $41.5 million, which was a 3% increase over 2014 but still resulted in a financial loss. However, by reducing spending on labor by $275,000, freezing merit pay, cutting administrative costs by 7.5%, and suspending the co-op’s 401(k) employer match, among other cost-cutting measures, the co-op was able to post a 2016 profit on sales on $45 million for the fiscal year.
The co-op’s third location, at 2817 N. Sherman Ave., is targeting a mid-August opening. An open house will be held from 11 a.m. to 3 p.m. on July 31 to allow owners, customers, and visitors to tour the store before products are stocked on the shelves.
