Calgary Co-op members rediscover the benefits of membership.
CALGARY, April 6, 2016 /CNW/ - In a tough financial climate, Calgary Co-op members are celebrating thanks to a generous annual member refund.
"Calgary Co-op members are also our owners," says Ken Keelor, CEO of Calgary Co-op. "As part of their membership, they share in our profits each year through the annual member refund. With the challenges so many are facing with our current economy, Calgary Co-op is pleased to share over $35 million dollars with our members this year."
In addition to the savings members enjoy through weekly flyer specials and coupon offers, price drops, managers' specials, value priced everyday items and basket basics which offer savings on frequently purchased fresh food items, Calgary Co-op shares its profits with member owners each year. All remaining profits are invested on behalf of members in building new stores and refurbishing existing locations.
This year's annual member refund is based on the profits earned by Calgary Co-op in 2015. Each member is allocated a refund based on their total purchases at Calgary Co-op food stores, pharmacies, gas bars, travel offices, home health care centres, and wine, spirits and beer locations in the previous year.
In 2015, $35.1 million was shared with members - $10.8 million in share equity and $24.3 million in cash. The annual member refund was calculated as follows:
- 2.5% on purchases at food stores, convenience stores, home health care centres and wine, spirits and beer locations.
- 1.0% on travel purchases
- 6.0 ¢ per litre on petroleum purchases. This is in addition to the 3¢ per litre grocery coupons instantly received each time a member fuels up at a Calgary Co-op gas bar.
The annual member refund is just one of the benefits members receive through their $1 lifetime membership.
The results for Calgary Co-op's financial year ending October 31, 2015, will be announced during their Annual Meeting on Thursday, April 7, from 7 to 10 p.m., at the Carriage House Inn, 9030 Macleod Trail South, Calgary. Members and visitors are welcome to attend to learn more about Calgary Co-op's direction for the future, to hear the results of the Director Election and to vote on resolutions put forth by the membership and Board.
"A membership at Calgary Co-op gives you the opportunity to have a voice in how our business operates," Keelor continues, "During the Annual Meeting, we will be sharing our long-term strategy with our most loyal members and seeking their input on important decisions that will affect our business."
Registration for the 2016 Annual Meeting begins at 6 p.m. Thursday at the Carriage House Inn.
About Calgary Co-op
Owned by members, Calgary Co-op is one of the largest retail co-operatives in North America. With over 460,000 members, 4,000 employees, assets of $519 million and annual sales over $1.2 billion, Calgary Co-op is committed to lead in food; petroleum; home health care; pharmacy; wine, spirits, beer and travel. In 2015, through the Co-op Community Foundation and community initiatives, Calgary Co-op invested over $3.9 million into local food poverty reduction programs, youth, education, the environment, and preventative health and wellness. For more information please visit www.calgarycoop.com
SOURCE Calgary Co-Operative Association Limited (Calgary Co-op)
Image with caption: "Calgary Co-op members celebrate their $35.1 million annual member refund. (CNW Group/Calgary Co-Operative Association Limited (Calgary Co-op))". Image available at: http://photos.newswire.ca/images/download/20160406_C8892_PHOTO_EN_659259.jpg
Image with caption: "As one of the largest retail co-operatives in North America, Calgary Co-op shares its profits each year with members. (CNW Group/Calgary Co-Operative Association Limited (Calgary Co-op))". Image available at: http://photos.newswire.ca/images/download/20160406_C8892_PHOTO_EN_659261.jpg
For further information: Media Contact: Karen Allan, Calgary Co-operative Association Limited, 403-219-6025, ext. 6105