Due to a large increase in profits, the Coop announced yesterday that all eligible members will receive a 5 percent rebate on purchases made last year.
The rebate is the largest since the Harvard Cooperative Society completed an extensive internal restructuring project in 1996. Last year's rebate was 4.5 percent.
Students shopping for textbooks at the Coop yesterday said they were glad to hear about the rebate.
"It is a nice statement on the part of the Coop," said Peggy T. Lim '01, who just learned of the rebate. "It shows that they are not out to get us."
Jeremiah P. Murphy '73, president of the Harvard Cooperative Society, said this year's larger rebate can be traced back to the restructuring of the business to reduce costs three years ago.
The Coop has been able to boost its rebates every year since 1997, when the rebate was 3.5 percent.
"The high percentage increase this year is due to the continuation of the trend over the last couple of years to control costs," he said.
Checks will be available at the Coop on Oct. 20. Any checks not picked up after three weeks will be mailed to members, Murphy said.
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