Coop Will Pay 9.8% Rebate; Figure Is Highest in 41 Years
The Copp this week announced a 9.8 per cent rebate for purchases made last year, the highest since World War II.
General Manager James A Argeros said a profit of $2,723,000 will be distributed to an estimated 103,000 members The 9 8 percent figure is up 1/10 of a percent from last year's 9 7 percent.
Rebate checks can be picked up by members of the Harvard Square store on the third floor, beginning October 13.
According to Sandra M Pochapin, sales promotion general manager. Coop employees will receive a profit sharing benefit of 8.8 percent, 1 percent less than student and alumni members.
Membership rebate have climbed steadily during the past five years from the 8 3 percent in 1978 The highest rebate in the Coop's history came during the economically agitated years of the Second World War, when the store paid out 12 percent of profits from 1940 to 1942. The lowest rebate was 4 percent in 1904.
Argeros attributed this year's high rebate to a decline in the amount of shoplifting, a tightening of overhead expense, and an exceptional financial year for the downtown Coop, which he called "a stellar performer."
He added that none of the other 2100 bookstore cooperatives in the country had as high a rebate as the Coop.