The Board of Directors of Sports, Inc. approved an additional $672,000 in payments to the membership via a patronage rebate for FY2012. With the addition of the Patronage Rebate, the total payments made to Sports, Inc. members in 2012 in the form of rebates, show incentives, and deferred stock rose to just under $29 million, an increase of $7 million over 2011. The $29 million in payouts were on top of other program advantages members receive like discounts, terms and special buys.
Sports, Inc. CEO Todd Adams said, “The Patronage Rebate portion of what we paid our members is something that has only happened three times in our history. The rest of the rebates have been a standard feature of membership since the early 1990s. As we continue to grow and earn the support of our members and vendors, our focus will be to increase not only the amount of rebates paid to our members, but also to add value to membership in other areas.”
Sports, Inc. is a 100% member-owned group, and each member owns an equal share of common stock in the company. “It was a nice surprise for our members to find out that we outperformed our budget. One of our primary objectives is to return as much of our earnings to our membership as possible. All current members received a portion of the $672,000 Patronage Rebate in April,” said Adams.
Included in the Patronage Rebate payout were 34 new members, 19 athletic dealers and 15 outdoor retailers, who joined Sports, Inc. in 2012.
Image courtesy Sports Inc