2025 Penny

News organizations need to report on things; that's what they do. It doesn't mean Kwik Trip is in dire financial straits over this much. I'm sure they'd rather have the money than not, but it doesn't mean they're risking bankruptcy from having to round off cash transactions in the customer's favor. "Worthy of mentioning in a news article" doesn't necessarily mean "company is greatly concerned."

What are the annual gross sales and net profit of Kwik Trip? What percentage of that would $2 million be? I bet not a high one.

 

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Actually in another article Kwik Trip says $3M. This is a pretty good summary of all the issues. https://www.courthousenews.com/penny-shortages-causing-big-legal-business-headaches-in-much-of-us/

"Nationwide, convenience stores handle about 62.5 million cash transactions a day, with an average of two pennies in change.

Losing two cents on every transaction would cost the industry roughly $1.25 million every day, Lenard said."

That's just convenience stores.

 

Again, what percentage of their total revenue would that represent? I have no doubt that if you added up the total costs it would be an impressive absolute number... my contention is it's not going to be that much proportionately.

Let's go with your higher number of $3 million. For 2024, Kwik Trip's total revenue was $19.6 BILLION. $3 million would thus represent a loss of revenue of 0.02%.

Also that's only what they'd lose on CASH transactions; debit card, credit card, and check transactions will cost them nothing due to no more pennies, and that's the vast majority of transactions.

Canadian commerce did not go into a steep nose dive in 2012 when they got rid of their penny. We'll be fine.