Associated Wholesale Grocers Reports Record Results at Annual Shareholders Meeting; David Smith and Barry Queen Comment
KANSAS CITY, KS - For Associated Wholesale Grocers (AWG), 2022 proved to be a fruitful year as the retail cooperative has reported record results at its recent Annual Shareholders Meeting. Hitting consolidated company sales of $12.3 billion, an increase of 13.65 percent on a comparable basis over 2021, the company is celebrating its successful sustainable growth strategy.
“We achieved these remarkable results through same-store sales increases to member stores and new member growth, and overcoming expense escalations,” said David Smith, President and Chief Executive Officer, of AWG. “We work to strike the right balance of capital investments for improvements and sustainable growth, maintaining the low cost of goods our members need to compete daily and delivering a predictable patronage return.”
In addition to a rise in its consolidated company sales, AWG reported that its net sales for the year were $10.7 billion, up 10.08 percent. According to a release, the total distribution of the cooperative benefits returned to shareholders, including interest, allowances, and patronage, was $543.6 million. The company distributed $273 million of year-end patronage immediately after its Annual Shareholders meeting.
Total members’ investment and equity increased to $658.7 million, an all-time high, reflecting the continued strengthening of its balance sheet. Additionally, the trading value for class “A” shares increased to $1,550 per share, an increase of 7.6 percent.
“2022 was an excellent year for AWG, and I’m incredibly proud to be a member of this cooperative,” stated Barry Queen, Board Chairman. “I’m excited about AWG’s plans for continuing growth to further benefit all members. We have a leadership team and Board of Directors that work closely together to ensure the cooperative remains strong and focused on the needs of our members—for the challenges of today and tomorrow.”
To see AWG’s other results for 2022, click here.
With the momentum of 2022 carrying the cooperative forward, how will AWG perform in 2023? Stay tuned to AndNowUKnow for updates.
