Members to receive $50.5 million in patronage returns for 2008
CALGARY, Feb. 14 /CNW/ - Financial results for the Calgary Co-operative
Association Limited (Calgary Co-op) for its financial year ending November 1,
2008, show sales grew to $1.05 billion from just under $1 billion in 2007.
Earnings before income tax and patronage returns to members were $64.3 million
compared to $67.3 million in 2007, assets grew to $374 million in 2008, and
membership increased from 425,350 in 2007 to 434,446 in 2008.
"Earnings decreased slightly in 2008 as the result of the turbulent
economy during the latter part of the year, but were still very positive" says
chief executive officer, Ken McCullough. "Our financial results were quite
positive and reflect the continuing loyalty and patronage of our members and
customers, and the commitment of our employees to provide high levels of
customer service, quality products, selection and value."
Calgary Co-op members will share $50.5 million in annual patronage
returns and share equity based on their purchases in 2008. "As a locally owned
company and a co-operative that shares its profits with its members, I am very
pleased that our members will receive an attractive annual patronage return in
the form of cash and share equity for 2008," states Stuart Cantrill, Calgary
Co-op board chair. Since 1956, Calgary Co-op members have shared over $566
million in annual patronage returns and share equity," continues Cantrill.
Also in 2008, Calgary Co-op donated over $1.9 million to local charities
and non-profit groups and initiatives in support of activities and programs
for family, youth and seniors, food banks, homeless and crisis centres, animal
shelters, rescue groups, hospitals, first responders, schools and libraries.
Membership in the Calgary Co-op Kids Club grew to over 55,000 youth in 2008.
Development at Calgary Co-op continued throughout 2008 with construction
underway on its 23rd food centre, first standalone drugstore, home health care
centre and liquor store in the new Quarry Park commercial development in
southeast Calgary. Also in 2008, Calgary Co-op purchased an existing home
health care business on Macleod Trail South, opening it on November 2, 2008,
as Calgary Co-op Home Health Care Limited. A major renovation began at the
Richmond Road Centre and mall complex, which will also include a Calgary Co-op
Home Health Care centre, for a late 2009 completion.
Renovations took place at several Calgary Co-op gas bars and at the
Dalhousie Centre liquor store, which was expanded from 4,000 square feet to
7,000 square feet. Construction is underway on a new 12-lane, 24 pump gas bar
at 6909 Macleod Trail Southeast, a new Calgary Co-op liquor store was opened
at 7015 Macleod Trail Southeast, and plans were announced to build a new gas
bar in Panorama Hills in northwest Calgary, and a new food centre and gas bar
with convenience store and car wash in High River with construction to start
in late 2009.
Locally owned and operated, Calgary Co-op is one of the largest retail
co-operatives in North America with annual sales of $1.05 billion, assets of
$374 million, over 434,000 members and 4,000 employees as at November 1, 2008.
With its headquarters in Calgary, Alberta, Canada, Calgary Co-op operates 22
food centres, 22 in-store pharmacies, 26 gas bars, 17 liquor stores, seven
travel offices, and a home health care subsidiary business in Calgary,
Airdrie, Strathmore, and Okotoks, Alberta.
For further information:
For further information: Donna Burn, Vice President, Member and Public
Relations, Calgary Co-operative Association Limited, Telephone: (403)
219-6025, ext. 6258