AAFES Earns $224M Dividend From 2012 Sales
DALLAS -- The Army & Air Force Exchange Service (AAFES) paid out a dividend of $224 million in 2012, according to its board of directors. The funds support the military's morale, welfare and recreation efforts.
"Historically, roughly two-thirds of Exchange earnings are paid to the Services' morale, welfare and recreation programs with the other third used to build new stores or renovate existing facilities," said Chief Master Sgt. Tony Pearson, the Exchange's senior enlisted advisor. "This structure means that authorized customers are, essentially, 'investors.' Fortunately, thrifty shoppers rediscovering the value the Exchange offers allowed for a healthy return on their investment."
With a mission to provide quality goods and services at competitively low prices and generate earnings to support quality of life efforts, the dual benefit that the Exchange provides military families goes far beyond the clothes, electronics and snacks on the stores' shelves.
In the past 10 years, purchases made in the Exchange's brick-and-mortar stores and online at www.shopmyexchange.com have provided more than $2.4 billion to military programs such as youth services, post functions, gyms and aquatic centers, according to AAFES.
Exchange support to the military in fiscal year 2012 was not limited to soldiers and airmen. Because the Exchange operates at Marine and Navy locations, funds were also returned to marines and sailors.
The fiscal year 2012 dividend of $224 million was distributed as follows:
- Army: $127.8 million
- Air Force: $74.7 million
- Marines: $18.8 million
- Navy: $2.7 million
The Army & Air Force Exchange Service is a joint, non-appropriated fund instrumentality of the Department of Defense. The Exchange's facilities include 131 main stores, 174 military clothing stores, 72 movie theaters, 850 specialty stores (Express convenience stores, gas stations, troops stores, Class Six outlets and bookstores) and 1,590 quick-service restaurants, such as Taco Bell, Subway, Burger King, Popeye's and Starbucks.