Members Receive $33 million in Patronage Returns
CALGARY, March 13 /CNW/ - Financial results for the Calgary Co-operative
Association Limited (Calgary Co-op) for its financial year ended October 28,
2006, show sales grew to $884.0 million compared to $815.5 million in 2005.
Earnings before income tax and patronage returns to members were $43.9 million
compared to $27.1 million in 2005, and assets increased to $314 million from
$288 million in the previous year. Membership grew from 405,000 in 2005 to
just over 413,000 in 2006.
"Despite increasing competition and staff shortages in 2006, overall
profitability increased in 2006," says chief executive officer, Ken
McCullough. "This is a testament to our exceptional employees and our loyal
customers. Their continuing focus on improving all areas of operations
resulted in a very positive year for Calgary Co-op."
In 2006, Calgary Co-op opened two new centres with gas bars and liquor
stores in the communities of West Springs and Creekside, new gas bars were
opened in Copperfield and Okotoks, a multi-million dollar renovation began on
the Beddington Centre, and construction began on a new gas bar in Montgomery.
"We are pleased with the financial results for 2006, which also marked
the 50th anniversary of this local co-operative," says Alex Ingram, Calgary
Co-op board chair. "With the increasing challenges of staffing shortages and a
highly competitive retail food industry, our management team and employees are
to be commended for their hard work and determination in ensuring that Calgary
Co-op continues to be at the forefront in delivering high quality products,
service and selection to our members and customers."
For 2006, Calgary Co-op members will share $33 million in annual
patronage returns, based on the total volume of grocery/retail, fuel and
travel purchases members made with Calgary Co-op during the last financial
year. The overall patronage return rate for 2006 was 4.06 percent, up from
2.83 percent in 2005. Since 1956, Calgary Co-op has returned over $463 million
to members in the form of patronage returns.
Calgary Co-op also donated over $1.6 million in to local charities,
non-profits, and programs for youth in the community in the form of products,
cash and in-kind donations.
Locally owned and operated, Calgary Co-op is one of the largest retail
co-operatives in North America with over 413,000 members and 4,000 employees.
It operates 22 retail food centres, 25 gas bars, 15 liquor stores, 11 travel
offices, in the communities of Calgary, Airdrie, Strathmore and Okotoks,
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; Ken McCullough, Chief Executive Officer, Telephone: (403)