The American Club 2022/2023 Annual Report

PAGE 45

Cost of Goods Sold

Total Cost of Goods Sold (S$'000) and COGS as % of Total Income

10,000

30.0%

25.3%

9,000

9,218

22.8%

23.9%

25.0%

8,000

8,305

8,155

21.9%

20.0%

7,433

7,000

20.1%

20.0%

18.4% 18.4% 17.8%

6,419

6,000

5,592

5,000

15.0%

5,163

4,751

4,695

4,000

10.0%

3,000

2,000

5.0%

1,000

0

0.0%

FY2015

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

Total Cost of Goods Sold (S$'000)

COGS as % of Total Income

The Club continued to face inflationary pressure that elevated the cost of goods. In order to better manage cost increases, the Club adopted procurement strategies that helped maximize economies of scale and kept the increase in overall cost of goods sold to 0.9%. As a result, The Gourmet Pantry was able to offer attractive prices for imported wines while reducing its cost of goods by 0.6%.

THE AMERICAN CLUB SINGAPORE ANNUAL REPORT 2022 / 2023