Market Basket Back to 100 Percent of Last Year's Sales

Fri. September 12th, 2014 - by Kyle Braver

TEWKSBURY, MA - After months of controversy and empty shelves, Market Basket has made a dramatic turnaround with Arthur T. Demoulas back at the helm.

According to the Boston Globe, a day-and-night restocking initiative which Demoulas enacted as soon as he was reinstated has resulted in 2.3 million cases of beef, poultry, and seafood and 1.65 million cases of nonperishables being shipped in just seven days. Friday alone saw 88 tractor-trailers stocked with produce pull up into stores across New England.

Arthur T. DemoulasSales are already at 100 percent of where they were last year,” Arthur T. shared. “Bakery, produce, and meat are mostly in. Everyone just got to it and worked as hard as they could.”

With these successes under its wing, what's next for Market Basket?

Demoulas says his first priority will be to stabilize Market Basket's finances and finalize the $1.6 billion purchase of shares with the rival side of his family led by Arthur S. Demoulas. There is also the matter of paying off the $1.3 billion worth of debt that will be incurred in this transaction, a burden which Demoulas has acknowledged could limit the rate of Market Basket's expansion in coming years.

Despite the challenges, Arthur T. Demoulas remains committed to the core of Market Basket's business, especially the discount pricing model that has won the retailer the many successes it has so far enjoyed.

“Every retailer has to stand for something,” Demoulas said. “We’re very much grounded in the basic philosophy of driving the ‘more for your dollar’ business model. That’s really something we live by every day.”

“We keep it as simple as possible for people,” he continued. “We keep costs low and quality high. We keep the stores clean and offer service with a smile. And if at the end of the day you have some success, then you share that with the associates.”

With regards to that profit sharing plan, an annual expense in the range of tens of millions of dollars, Demoulas told the Boston Globe that he was “unwavering” in his commitment to keep the program in place.

“We don’t anticipate that any of that will change,” he said. “We’re committed to the profit sharing plan that’s been in place now since 1963.”

That unwavering commitment to the well-being of his employees is why Market Basket's employees spent the many long days of summer protesting Arthur T.'s firing. It is a humbling and heart-warming sight to see him return that loyalty which his employees have always invested in him and his family's business.

Congratulations on the September successes, Market Basket!

Market Basket