Terang & District Co-operative is celebrating a record $1 million profit for 2022-23 with the funds to be reinvested in the business and within the local community.
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The co-op's annual report, released Wednesday, June 28, showed a profit of $1,053,015 and record membership of 3371 - up more than 130.
It is the second time in three years the co-op's profit has topped $1 million. This year's tally surpasses 2020-21's before tax $1,052,060 result, and is more than $200,000 above 2021-22 figures.
CEO Kevin Ford and chairman Geoff Barby said the profits allowed the co-op to reinvest, ensuring its offering was modern.
"This keeps the co-op and town vibrant and appealing," they said. "The successes of recent years allow the board to contemplate and plan essential capital projects that will enable continued growth for the future of the co-op."
The success allowed a $1m upgrade of the IGA+ Supermarket. In 2023-24 it will invest $450,000 in introducing new IT operating systems into all business divisions and a $250,000 solar power system.
It employs more than 120 staff and supports local contractors, suppliers and growers where possible.
Its sponsorships and donations increased to $85,830, and more than $233,000 in members' rewards were distributed. "The support of members and customers enables us to support our community," Mr Barby said.
Mr Ford said total turnover was $28.4 million, down 2.1 per cent.
He said considering the closure of the dairy side of 360 Dairy Solutions, the team achieved an "outstanding result for members".
Mr Ford said the strong result was built on consistent sales performance from Mitre 10 businesses while the IGA + Liquor Supermarket continued to perform well, delivering revenue of more than $15.5 million.
"We are very proud of what we have been able to deliver to the community in the last few years," they said. "Not only do we have a great supermarket and a great trade and retail home improvement store, we have an engaging and exciting community co-operative."
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