COOP Announces 6% Rebate, Payback Increases 20% Over 2003 Rebate

Cambridge, MA. October 18, 2004- The Harvard Cooperative Society (THE COOP) today announced a rebate of 6% to all paid-up members on merchandise sales of $ 39,629,828. Members will soon receive a check returning 6% of the value of their purchases made at any of the six Coop locations, as well as mail order and online catalogs, in fiscal 2004.

This past year, the Coop returned to the Harvard and MIT communities more than $1,000,000 in the form of royalties, rebates and direct contributions, the majority of which support students and student activities. This total included thousands of donations of rebate checks made by members through the Coop’s online donation program.

In a soft retail environment, sales decreased 2.8% for the year, but the Coop increased income, before rebate and income taxes, to $1,932,796 and paid membership stood at 66,570 at year end. Though sales of most merchandise categories declined for the year, sales of logo apparel and gifts and internet sales from the online catalog at increased.