PCC 2003 Annual Report

A message from the CEO

On behalf of our management team and the entire staff of our co-op, I would like to thank our membership for making 2003 — PCC's fiftieth anniversary — another excellent year both in terms of healthy performance of our stores and in the support PCC was able to give back to our communities.

Our sales continued to grow at a very strong rate in 2003 to a total of more than $83 million — an 11 percent increase over 2002. This growth occurred in a difficult economic environment where some of our competitors were simply holding even with near zero rates of growth.

Our co-op's strength in 2003 was a direct result of our close relationships with local growers, connections to the communities where our stores are located, our leadership role in the organic farming and food industry, and our increasing focus on sustainability. These choices, combined with our commitment to quality every day in each of our stores, helped set PCC apart from the large national chains that continued to expand their natural foods selection.

Each of us on the PCC staff continues to make a commitment to offer you outstanding quality and performance in our stores. Although we are a small organization by many measures, we intend to be innovative and relentless in our high standards to maintain our edge and our distinction as the community-based natural food stores of choice in the greater Puget Sound region.

Thank you for supporting us in this effort throughout 2003 and in the years to come.

Tracy Wolpert, CEO
PCC Natural Markets