Harvard Coop revenues rose nearly 4 percent
The Harvard Cooperative Society, the retailer that may be better known as the Coop, reported that it had revenues of $45 million for the fiscal year that ended June 30, up 3.8 percent from the previous fiscal year.
Under its cooperative model, the Coop said that its 33,000 paid-up members will receive a total of $856,000 in rebates.
The Coop currently has five retail locations --- three that serve the Harvard University community and two that serve the Massachusetts Institute of Technology community. The Coop also has an online catalog.
While the course materials category continued to be challenged by Internet competition and the transition to digital formats, the sales of general trade books increased, and the sales of insignia apparel and gifts continued to be strong, particularly at its Harvard Square store, the Coop said.
The Coop added that it returned more than $1 million to the Harvard and MIT communities in the form of royalties, rebates, and direct contributions. Much of that amount supports students and student activities, the Coop said.Chris Reidy can be reached at email@example.com.