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ICBA Annual Operating Survey

MEDIA RELEASE

 

CONTACT:

Stacy Waymire

ICBA Executive Director

Independent College Bookstore Association

541.488.2591

Fax 541.488.4286

StacyWaymire@ICBAinc.com
www.ICBAinc.com

 

FOR IMMEDIATE RELEASE

 

June 1, 2007

ICBA Stores Move Forward

ICBA 2005-2006 Best Practices and Top Performers Awards

 

ASHLAND, OREGON (March 1, 2007) -- The annual Independent College Bookstore Association (ICBA) Financial Operating Survey is one of the most important resources ICBA provides to facilitate “Stores Helping Stores Succeed.” The Operating Survey is a definitive example of the institutional store culture. During the ICBA 2007 Conference held in San Antonio, Texas, Bryan Pearce, Chair of the ICBA Operating Survey Committee, from University Book Store, Inc. at the University of Washington presented awards to several outstanding ICBA stores in recognition of their best practices and top performances.

 

Financial information received from the 75 ICBA stores participating in the 2005-06 Operating Survey was carefully evaluated in order to identify recipients to be recognized for the Best Practices and Top Performer Awards. Of the 75 participating stores, 41 stores were eligible based on the year’s ICBA Top Performers and Best Practices Awards criteria:

  • The store must have participated in the ICBA Annual Operating Survey for each of the past five years. (41 stores in contention).
  • Achieved top performances or best practices demonstrating successful execution of business strategies over the five-year period (from 2001 to 2006).
  • Award categories determined based on review of the 2005-06 results (not pre-determined).
  • Awards emphasize the more challenging or critical performance areas of the college store business.
  • Performance was influenced by internal leadership and strategy development, and execution

 

Consistent with previous years, stores eligible to receive these awards were those that participated in the Operating Survey in each of the last five years. Unless indicated, the awards recognized top performances over the most recent 5-year period, thus rewarding successful execution of significant, long-term strategic business initiatives.

 

Congratulations to these ICBA stores for their outstanding performances, best practices and college store industry leadership:

 

Excellence in Course Books Management

Olympic College Bookstore

Olympic College

  • Increased used course book sales by 12.2%
  • Increased course book inventory turnover by 0.8 turns
  • Increased course book gross margin by 1.9 percentage points without increasing new textbook initial markon %

           

University of Oregon Bookstore, Inc.

University of Oregon

  • Increased used course book sales by 25.5%, while total course book sales increased  by 14.2%
  • Increased used to total course book sales ratio from 28.7% to 31.5%
  • Increased course book gross margin by 2.6 percentage points, while using a 19% initial new course book markon %
  • Maintained course book inventory turnover at 4.7 turns
  • Early adopter of eBook alternative (MBS Direct) and # 4 on ICBA list of electronic course books sold in 2005-06

 

Excellence in Used Course Books Management

WCC Bookstore

Whatcom Community College

  • Increased used course book sales by 18.2%
  • Increased used course book sales to total course book sales ratio every year, and from 49.3% to 59.2% over the five-year period

 

Excellence in Student Supplies Management

Boise State University Bookstore

Boise State University

  • Increased student supply sales by 5.0%
  • Increased student supply gross margin by 1.3 percentage points
  • Increased student supply inventory turnover by 0.1 turns

 

The Bookstore at the University of Montana

University of Montana

  • Increased student supply sales by 50.1%
  • Increased student supply inventory turnover by 5.1 turns
  • Increased student supply GMROI by 1.5 (even though gross margin ratio declined, as anticipated)
  • Developed online supplies resource to campus: “montanasupplies.com”

 

Excellence in General Books Management

UT Bookstore

University of Tennessee

  • Increased general book sales by 11.7%
  • Increased general book gross margin by 2.9 percentage points
  • Increased general book inventory turnover by 0.5 turns

 

Outstanding Insignia Product Performance

University Co-operative Society, Inc.

University of Texas, Austin

  • Increased insignia product sales 155.9%
  • Increased insignia product gross margin 4.5 percentage points
  • Increased insignia product inventory turnover to 4.5 turns
  • Increased insignia product GMROI by 0.9
  • Was #1 in online insignia product sales

           

 Excellence in Financial Reporting

Chemeketa Community College Bookstore

Chemeketa Community College

 

NCSU Bookstore

North Carolina State University

 

Of the 75 surveys received these two store surveys were the top two most

  • Complete: All applicable fields filled in / All questions answered fully
  • Accurate: Fewest number of errors, questionable numbers, phone calls, emails, etc.
  • Timely: Received before the deadline

 

Excellence in Entrepreneurship

BYU Bookstore

Brigham Young University

For Academic Publishing - Partnership Publishing

Key Characteristics:

  • Expert, high quality typesetting and design services
  • All work is done on campus utilizing partnerships with students, faculty and other campus departments
  • Service is extended to other college bookstores
  • Reduces cost of course materials
  • Course materials are branded to the campus and bookstore

 

The MVP Award for Overall Outstanding Performance

PSU Bookstore, Inc.

Portland State University

  • Increased total sales by 15.4%
  • Increased used course book sales by 23.1%
  • Increased used to total course book ratio from 27.3% to 31.2%
  • Increased technology product sales by 145.9%
  • Increased insignia product sales by 73.1%
  • Reduced operating expenses as a percent of sales by 4.5 percentage points
  • Produced the lowest personnel cost ratio of all independent stores
  • Generated five years of consistent improvement in bottom line profitability
  • Increased store net worth by 92.8%
  • Demonstrated a consistent commitment to the concept of “Stores Helping Stores” and the ICBA Operating Survey.

 

To participate in the ICBA Financial Operating Survey, your store must be an ICBA Member. The annual deadline to participate is September 30.

 

To learn more about the ICBA Financial Operating Survey, please contact Stacy Waymire at StacyWaymire@ICBAinc.com or 800-888-9222. Or contact Bryan Pearce (bdpearce@u.washington.edu) or Julie Zommers (jzommers@u.washington.edu) at University Book Store, Inc., Seattle, Washington.

 

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Independent College Bookstore Association is a rapidly growing retail cooperative of independent and institutional college bookstores (no leased or private stores) that is a premier organization in the bookstore industry. This nonprofit mutual benefit corporation is owned by its member stores throughout the United States and Canada.

 

The mission of ICBA is to provide the programs and services that will establish the institutional store model as the preferred management solution for higher education.