PORT TOWNSEND — The Quimper Mercantile Co. has shown a profit after two full years of operation.
But it won’t make its stockholders wealthy anytime soon.
The community-owned general store showed a net profit of $2,171 in 2014, according to the annual report presented to stockholders Wednesday afternoon.
“It’s a small profit,” said Chief Financial Officer Marty Gay. “But it’s still a profit.”
Chief Executive Officer Peter Quinn said: “We did it in only two years.
“For any company to do this in only two years is astounding, and for a retail store, it is almost unheard of.”
During its first year, the store reported a net loss of $87,817.
About 60 people attended the one-hour event, which took place in the empty retail space next to the store.
820 shareholders
There are 820 shareholders who own 7,400 shares in the company, which was created to expand the retail options in downtown Port Townsend,
Shareholders entering the meeting passed by Leslie Aiken of Port Townsend holding a sign that said she wanted to sell her single share for $90, 10 percent less than what she paid during the initial stock drive.
Aiken said she wasn’t displeased with the store and didn’t expect a return; she just needed the cash.
“I didn’t buy the share as an investment,” she said.
“I just wanted to help the mercantile get started.”
Aiken got her asking price from Kees Kolff, completing the transaction on the spot.
Later at the meeting, Gay said the stock has no listed value, that sales prices are negotiated between the buyer and the seller using the store as an intermediary.
Figures presented were from the 2014 calendar year.
Quinn reported 2014 sales of $1,337,911 and revenues of $1,262,791, up from the previous year’s figures of $1,099,596 and $1,030,048 respectively.
It showed a gross profit of $585,147, up from the 2013 total of $431,385.
The $2,171 net profit figure was computed after expenses and taxes.
During the next year, the company will provide each board member with a $49 monthly shopping stipend as partial remuneration for volunteer time, Quinn said.
Health care
It also has discontinued providing health care for its eight employees while raising their hourly wage at a rate commensurate to insurance costs, Quinn said.
With the changing health care options, this “made more sense to us,” he said.
“We want to be innovative, do things that are natural that aren’t always normal,” he said.
After Swain’s closed
The store opened in October 2012 at 1121 Water St. after Swain’s Outdoor closed in early 2011 after having operated in Port Townsend since 1996.
At its opening, the store sought to rent out a 1,200-square-foot portion with waterside windows to a restaurant or independent business but decided to use that space itself for kitchen supplies.
“Not every community could have pulled this off,” said Sheldon Spencer, the store’s manager.
“All of you having faith in the vision, putting money down to support the community, is the reason we’re here.”
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Jefferson County Editor Charlie Bermant can be reached at 360-385-2335 or at cbermant@peninsuladailynews.com.
