PCC Community Markets (PCC) today reported a 26.1 percent increase in grocery sales revenue last year.
Per PCC, this increase was driven by the opening of two new stores — one each in Bellevue and Seattle’s Central District — and increased pandemic-related spending driven primarily by its members.
Sales totaled $383.2 million.
The Seattle-based community-owned food market — with 15 stores in Puget Sound, including five on the Eastside — also said profits grew 26.4 percent from the previous year, with net income of $2.7 million, including one-time impacts from historical tax refunds.
PCC gave back more than 60 percent of its profits to its community, including its first-ever member dividend totaling $3.9 million, according to a news release.
In addition to providing its community with more than $700,000 in financial and in-kind support, results include the impact of the co-op investing more than $4 million during the year in unanticipated COVID-related costs and safety measures across the 15 locations, and in staff appreciation pay, PCC said in the release.
In January 2020, PCC introduced a new program for members and staff to receive an annual dividend paid to active co-op members out of the profit the co-op makes from member sales. In 2020, members accounted for a little more than 60 percent of total sales. The average 2020 member dividend was $46.93.
“When the co-op does well financially, our members benefit, and this year’s dividend is a testament to this,” PCC CEO and president Suzy Monford said in a statement. “But equally important is that we balance our economic success with our social and environmental impact. Our community giving allows us to achieve our social bottom line, and our ongoing focus on delivering products of the highest standards and building green stores heightens our environmental responsibility.”
PCC’s Bellevue store opened last August at 11615 N.E. 4th St. Other Eastside locations are in Kirkland, Redmond, Issaquah, and Bothell.
PCC’s Kirkland store, which opened in 1978, will relocate into a larger location that’s 30 percent bigger at 454 Kirkland Way this year. A move-in date has not been announced yet.
The co-op has an active membership of nearly 90,000 households, including more than 1,600 staff. PCC is a triple bottom line organization, meaning every decision is guided by its financial, social, and environmental impact. More on PCC’s 2020 performance can be found in its annual report.